if you see allan's post above he says he is a hard money lender and has a company that does that.but then in his e mails and websites he says he is a private money lender.so in this context the two are  synonymous  with each other.. and you have a few different type of Hard money lenders.You have those that broker private individuals funds  so in essence a private individual will be the beneficiary of your loan.. and the HML  IE broker is make points for his services and may charge a servicing fee to you or the lender.You have HML who have raised fund through some sort of PPM or reg d offering and lend in the name of the PPMand you have companies that may have a credit facility with an institutional lender.. where by they lend some of their personal funds and the balance is taken from their credit facility .some banks will require an assignment of the loan once completed or simply an Alonge with the docs held in their vault.. this is how I ran my HML shop I had both of these with different banks...

@Dillon Cook Check out SandCoin, I think it'll change your perspective.

The Cook County Assessor lists it as a 4-unit as well.

The facility is for sale and the seller has given me the right of first refusal to purchase the property, although we have not been certain if we want to purchase the building.

Sure there are larger and smaller ones, nicer and not so nice facilities, but the fundamentals are generally the same. 

On top of valets, bellmen, waitresses, cooks, managers, etc etc etc. 

Cook County has some of the most liberal laws protecting tenant in the US.As a result, Chicago, evictions are tricky. 

I own one mom/pop facility in South Carolina and opening a second in GA soon.

(Ord. 356-75.)4561.04 - Zoning restrictions.SHARE LINK TO SECTIONPRINT SECTIONDOWNLOAD (DOCX) OF SECTIONSEMAIL SECTIONCOMPARE VERSIONSA rooming house license shall be issued only for a dwelling which is in conformance with zoning regulations.4561.05 - License fees; denial of license.SHARE LINK TO SECTIONPRINT SECTIONDOWNLOAD (DOCX) OF SECTIONSEMAIL SECTIONCOMPARE VERSIONSA rooming house or dwelling units sharing a bathroom shall be assessed an initial license fee and thereafter an annual inspection fee as prescribed in the Fee Schedule if upon inspection the facility complies with this Housing Code.

Especially if this is a mtr where guests are likely to be cooking more each day this is not enough and would think closer to 12 sets would be closer to ideal, especially since utensils tend to walk off.