However, you have to take into consideration the overall size of the bedrooms, the size of the whole living space, and any areas that could be used as sleeping space.

We owned a 2 bed 1 bath that we purchased in 2006 and shortly after buying it we learned from the city records that the 200 SF bonus room was not a legal addition and the walls were basically poorly mortared cinder block on a concrete floor that was covered up with drywall to make it appear like a finished space.

Hi All, just purchased my first small commerical space in the Chicago area.

As far as access to capital, if you search enough I believe you can find the financing you need.

So in the end I guess it really depends on how comfortable you are in diving into the multifamily space and what kind of partners your able to develop! 

The only fixed cost is office space.

-Check and see if there is an easement on an adjacent property for a future driveway access to your landlocked property-If there is not, ask your neighbors nicely if you can add a driveway access to your property on theirs-Try to sell the land to an adjacent owner

So, if the attic space was converted to a bedroom without the proper permits (to make it a "legal" bedroom and put the finished sq footage on the tax records) then they won't be able to factor that into their values. 

Given most of the focus here and in the networking groups are in the residential space, I have looked into setting up a Facebook group at least for people interested/working in the commercial space.

I took one on my primary residence, paid no origination fees, and make no payments on it unless I use it, and only pay $70/yr maintenance fee, so if I never touch it over the life of the HELOC (10 years) I'm only out a total $700 in 10 years, which I think is reasonable for the access to the cash.