If for some reason you had an immediate need to move, like your family got bigger and you needed more space, I believe you could bug out sooner, but 1 year is supposed to be the minimum.

From what I understand, Chicago Zoning Laws permits the use of the space for group living but may require a special permit.

Personally I would avoid giving an excuse though and letting them know the space they are renting and leave it at that.  

I really want to rent one side and use the other four studio/ office space (for myself).

They are both shop space.

As you know rent is quite low (median in Milwaukee is about 1,200 for a single family) yet you have the same infrastructure to maintain: one kitchen, one bath, one HVAC, one water heater etc - cost of replacing a water heater is the same, no matter if your rent is 700 or 1200 or 1600 (which is our typical rent for a SF).Income (rent) is a function of size: bedroom and bathroom count as well general space meaning square footage.

I'm currently evaluating different syndicators and funds that are in the single family and multi family space.

Industrial space in excellent location.  

This fan duct should be terminated to the exterior.11) CRAWL SPACE: A) There is a 5 foot diameter hole, and about 18 inches deep, in the ground under the center of the southfoundation wall.

The tenant said he's been using space heaters for the past decade.