I've heard of IL strict deposit return protocol so either way give proper notice of intent to withhold in a timely manner.I withhold the days of rent it took to re-rent when I receive no notice. 

., with min loan amt of 50K at 12% for a renovation (Fix/Flip) package...then following the BRRR (not sure how long their seasoning period is...but I'll ask) we can do a refi at their 6.1 conventional rate.Conventional loan: McGloan, 30 yr fixed rate, 4.8% (not bad)Im concerned with interest rates going up that perhaps we should lock in that low 4.8% rate (conventional loan), and pay out of pocket for the renovations ourselves?

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If we are looking at a house for both of us strictly, we need to look at a different price point (more around 180k range) and than consider the next 1-2 years to save for a down-payment on an investment strictly.My question to this group: What are some pros and cons that you think about when determining - peace of mind living in your space vs. looking at the space as income-generating/business mainly?

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I'm no longer interested in it as we are looking at another property and putting our efforts onto attaining that one, but as always, we still keep an eye out for others.DIFFERENT PROPERTY: QUESTION: does state and fed tax arrears follow the house or owner in a foreclosure, courthouse auction?   

What would be the BEST route to use a HELOC to purchase an investment property strictly for as a rental (do not want to flip)? 

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The formula is simple and is as follows, 75% of gross rent - PITI = net rental income.If net rental income is positive its added to your total income and improves your purchasing power.If net rental income is negative then its considered a liability similar to a credit card or a car loan that you gotta qualify for.Some banks have "overlays," or additional requirements they place on top of borrowers when you have rapid acquisitions of multiple properties but by no means is 2 properties in one year considered "rapid," by most lenders, however 3-5 would be its an underwriter and case by case bank "call," to make.