You should never even consider starting, based on the risks involved, until you have everything ready.

@Paul Bommarito I currently live in Logan Square and commute to the suburbs of Addison everyday, 1 hour both ways.

About 1200 Square feet. 

You probably should be under $3 a square foot installed on that. 

The house itself isn't all that great, it's 3 thousand square feet, but nowhere near as luxurious as the rest of the homes in this neighborhood in terms of design; and I'm getting this for $1,250,000. 

PS- feel free to ask me any question you would like regarding FHA 203k or FannieMae Homestyle- I have been involved in over 1000 of them from the lending side over the years and happy to provide you guidance.  

There's usually no emotion involved and we're just trying to get to a meeting of the minds, and I know the buyer's expectations are being managed.

Electrical submetering involves the installation power meters (also called power monitors, electrical meters, or energy monitors) that can measure energy usage after it reaches the primary utility meter.

Both you and your husband are considered to be "Disqualified Persons" to your (or your husband's) IRA and can't be part of any transaction involving your IRA. 

Scenario A (typical) - $500k duplex-$125k down-$375k mortgage at 4.6%Scenario B (modular financing) - $500k duplex-$125k down-$260k mortgage at 4.6%-$75k HELOC on primary residence-$40k loan against 401(k) (technically this would be $165k down, but you get the point)In scenario A, paying off the mortgage quickly makes zero improvement on cashflow until you pay it off completely, or refinance, and there's no point in that if your rate is locked in lower than current(or future) market rates.Scenario B could involve higher interest rates on the HELOC and the 401k loan, but you have multiple, simple, easy options for increasing your cashflow, and then you don't end up playing as much in the overpriced, volatile stock market.