I don't see mortgage rates dropping anytime soon either and may actually get worse.

But yes, just because someone says you can do it...doesn't mean it is actually possible. 

I would do that if interest rates were actually low. my current interest rate is 2.5% so i don’t think i would want to give that up.

What I am looking for right now is a hard money lender that will do a cash out refi on this property because I have several deals in the works that I would like to close on.I am actually aware of a few lenders that can work within a leasehold situation, what is the current 'as is' value of the property?

Advice on who I should talk to, to see if this is actually a deal worth looking into?  

@Alexandria Garreau   if this is actually a property in Ontario I think you have rent control there correct?   

@Caroline KnightI don't know the Chicago market but I'm highly supportive of house hacking.One thing to remember that positive cash flow isn't actually the goal of a house hack. 

Even the first thing in the actual Bill lists unpaid rent as collectible from the security deposit.As with everything that CA does to protect renters.

From the initial notice to the actual eviction, this can be complex and time-consuming.

My brokerage is actually hosting an REI on tap meet up next Thursday the 16th at Rogers Roundhouse.