If you're thinking about moving into it in the future and having the family right there, that's a completely separate thing for you to weight versus just comparing strict investments. 

Hi Jeff - I run a dummy ad for a rental on Craigslist in some of the smaller towns in Dane, Columbia and Green counties, just to see what sort of response I get prior to offering on a property.  

I spoke with one guy that seemed very professional and respectable that offered to take a serious on-site look through my project and advise me for $500, prior to potentially putting together a plan and coming on as a general contractor. 

I'd ideally like to identify some prospects for the space prior to executing the deal. 

Negotiate this contingency into your purchase agreement prior to purchasing the family If you intend on developing duplexes on this property or converting the existing home into a duplex/triplex.

As mentioned prior I have recently purchased a Quad with a FHA loan, I currently have equity in the house from the appraisal vs sale price.

Hit me up if you want to compare notes.If you don't know www.heyjackass.com, helpful website for homocide rates in Chicago neighborhoods, although very general. 

They don't have any seasoning terms from our prior conversations, but we hit a few hiccups with our renovation through most of the fall so we're nowhere near close to a refi yet. 

And yes yours was done prior to the regs being in place. 

It is not good business to pull income from one revenue source to cover a bad deal in another.Perhaps you need to do a better job analyzing the deals completely prior to purchasing the property.