Different banks will have different restrictions.

San Francisco is a great hotel market, but keep in mind SF also has restrictions on new build hotels.

Rents are definitely increasing like they are all around the city, but not as dramatically as Crown Heights. 

This is the first home my wife and I purchased at the height of bubble and now upside down.

Are there restrictions to joining the group?

The snag is that the City of Chicago considers it a "Lot of Record" which may restrict whether the "vacant" lot can be built on at all, or to what extent.  

Secondly, there is the issue of significant restrictions on being able to identify the property you're rolling the profit of the sale into.

The ones most affected are the cities/ towns nearest those borders like Zion in the north and southeast cities in Cook counties (think of Calumet City, Chicago Heights).2) High property taxes do not make Chicago ideal for buy-and-hold as the high property taxes result in lower cashflow.

What I don't know are the banks restrictions.

The price seems to be in step with similar lots in the area.Clearing and grading should cost about $10k ( so I`ve been told ).I called into the zoning and planning depts. in Charlotte to see if there were any obstacles/restrictions to me building there and they said that it looks all clear to go ahead.What should my next step be?....