Select from a larger selection of properties for sale (in any condition), including condos, townhouses, mixed-us, multi-family, single-family dwellings and those that do not currently meet FHA standardsWhen offer is presented properly to seller, 203k offers may be advantageous in a competing offer situation as the seller does not have to fix-up or repair the property but instead allow the buyer to include these items into their 203k mortgage and complete the improvements after closing using the buyer's own style and design.203k Benefits to Home Owners & Sellers (not all inclusive)Market property to more buyersAllow buyers the opportunity to renovate, upgrade or improve to suit their tastes and preferencesNo need to settle for low-ball cash offersCurrent condition of property not required to meet FHA's property standardsBuyer is permitted to correct any property deficiencies after close of escrowNo more inspection concernsAbsolutely no repairs are required prior to close of escrowSeller not responsible for cost of repairs/improvementsTransaction will close with property in "AS-IS conditionClosing occurs in 45 days203k Benefits to Realtors® & Lenders (not all inclusive)Increase income by selling more homes and originating more loansRaise real estate values by improving homes and neighborhoodsDecrease foreclosure inventoryHelp buyers who previously could not buy homesHelp seller/owners with properties in outdated or fix-up conditionSpur economic growth by creating job opportunities for the construction/remodeling industryPromote an under-utilized niche program that not many Realtors® or Lenders understandRevitalize your community203k Disadvantages (not all inclusive) upfont MIPMI for life of loanSupplemental origination feeInspection feesTitle update feesmore complexmore moving partshigher interest ratepossible longer closing timeBut working with the right 203k Lender, a contractor with education/experience with the 203k, such as a Certified 203k Contractor, the benefits can definitely outweigh the disadvantages. 

Fair or not, that's the reality of the economics of time and money in the industry.

Plus it gets him through the current crisis with a tenant.My guess is that if you did nothing, he is likely to increase your rent come November.

However, Chicago has over 200 neighborhoods and 100 + suburbs - some of which are experiencing great positive economic and population swings and others that are swaying the wrong direction parlayed with a lot of future unknowns.  

Are you concerned about any sort of tenant crisis spawning from Covid?

Even with all the government financing programs, banks are becoming more cautious as the future economic/employment outlook becomes more and more uncertain.There's even a bigger problem in that right now the inventory is so low that I think rehabbers are paying too much. 

@Richard Prillerman Basic Economics by Thomas Sowell

Rent rates and other value adds are topics I am interested in learning more about.The location is a good one and is experiencing good economic and population growth. 

Buyers want a vacant home too during this crisis, since they dont know the health condition of the people living there. . 

I am a bit nervous with the current economic situation, I do not want to be stretched too thin.