For rentals, financing makes sense if you are confident in a rising market.

What the seller owes isn't a consideration for you unless you'll be taking over payments in some fashion.

You will need permits, and this type of project would likely need a structural engineer or architect to do the drawings.Another consideration is where the extra space is coming from.

Over the past few years population here has been rising here, and the market is only getting hotter.

But remember-whatever quote you get, add 10-20% in the "just in case" reserves, and more time than they estimate, because major rehabs almost always go over budget and over schedule-which means vacancy and no rental income coming in.Updated units would possibly mean higher rents, but I make a policy to never purchase property based on speculated rent-only on its current performance, and give consideration to potential rent increases.

I am a new investor and am looking at a unit in a high rise condo building in Chicago.

Have you given consideration to HomePath properties that would provide for lower down payment requirements?

I know that a C-Corp can be an advantage above the smaller dealer especially if holding the property under different alternatives in estate planning.Attorneys usually have other concerns in entity structures besides the initial tax or accounting considerations, but I suggest speaking to both your accountant and attorney or have them hash it out between them, an attorney isn't an accountant and an accountant isn't a lawyer.

I am fairly new to real estate and want to make sure I am analyzing this correctly and not missing any major considerations.

I have decent credit, but it's only from paying off credit cards (no debt) and my car loan on time - and I'm not sure if the source of my credit is considered more than the score itself.If I go to my community bank with a well-drawn out business plan and proof of my considerable assets, will I be able to get a mortgage on a property in the range described above, 200-300k, if I am able to put down the 20%?