The shop is currently under renovation to enhance the interior and exterior, allowing for smoother operations and allowing additional customer conveniences.

The shop is currently under renovation to enhance the interior and exterior, allowing for smoother operations and allowing additional customer conveniences.

You can rent out a second home as an AIRBNB or VRBO and also transition it into a permanent rental in a short period of time.You mentioned talking to multiple people and it does not surprise me as the bank/lending industry is full of new comers, loan officers with no investor options or lack of knowledge. 

You don't need to, but I've always given my bank a heads up so there's no surprises.

I liked this advice, and paid a contractor to put in new floors and spruce up the unit and when it came to rent, I had a surprise….After pre screening many folks, I had a few showings with very qualified potential tenants, and they really liked the first floor, but when they saw the way the bedrooms were laid out upstairs, it was a dealbreaker every time. 

@Adriel CisnerosI'm not surprised those are the returns you're projecting in Logan Square, but I would think that you could get a higher return in Englewood due to it being cheaper but also a D class area.

Surprisingly it was easier to find a private money lender than it was to find a willing local bank.

Have some reserves for the above and Expect Surprises.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

I wouldn’t be surprised your total cost is more than what you have so far.