A low interest rate would be a bonus.

You could see 80% bonus depreciation if you get it done this year. 

1,400,000 / 27.5 = $50k a year and maybe you bump it up with a cost segregation analysis and bonus depreciation.I'm sure you brilliant minds will find more ways to skin this cat, but does anyone see any value?

Since you used more than the basic entitlement in the first loan, we will have to consider the bonus entitlement, which is based on the county loan limit.In Cook County, Illinois, the loan limit is $726,000.

@Wei Jie Yang I view appreciation as an added bonus.

@Robert Gilstrap  Someone here mentioned awhile back that they pay their cleaner the regular fee, and if the next guest leaves a 5 star review that mentions how clean the unit was, that cleaner gets a bonus of $15. 

Simultaneously, I can transition my first house into a full-time rental property.Another option under consideration is exploring new job opportunities that could offer a $10-20K salary increase along with a $10-15K bonus.

The other bonus is they can repossess the house and sell it again if the buyer defaults.

Make sure both work with investors, if they have their own properties, a bonus. 

A bonus is that the future rent is automatically projected by an Appraiser and given to you as extra income to qualify at 75% of gross, even though you may not plan to rent when completed.