Is anyone familiar with the cost of getting such land buildable? 

Those numbers would be ok, but do you have money for the downpayment, closing costs, capital expenditures, 15k for reserves?

Normally, if the policy values the loss on Replacement Cost, they will initially pay the loss at the Depreciated value, once the damaged area is rebuilt, then they pay the additional amount (up to the limit on the policy).   

Would HML lend the money to buy and rehab it?

You can negotiate to have the seller cover up to 6% of the purchase price in your closing costs. 

We have had a Strctural Engineer out to the property and while we don't need to conduct repairs within the next 5 years or so, we will need to address both of these things at some point and it will likely cost us about 100k.Any advice on selling or holding for the long term?

This change is significant for the financial feasibility of ADU construction in Chicago since water service costs can be more easily justified when collecting rents from two additional unit.Also proposes to allow larger units and to allow ADU construction in any zoning designation.

I am a finance guy but unfortunately my education is not adapted to the US real estate market and I am little bid confused.Goal:Buy a 2-3 family house to do a small rehab and rent afterward. 

And while the borrower doesn’t have to come to closing with this money (it’s rolled into the loan) it’s still there – making an FHA loan have higher costs and higher APRs because of it.Are there any other differences between Fannie Mae and FHA?

I would like to find a distressed apartment complex to invest and rehab.