I am going into college this year and interested in house hacking, but it seems like even though my parents are financially capable to be a cosigner for a mortgage, just because they don't live in the U.S and don't have a citizenship, they are ineligible.

If you think the prices are too high to buy an existing building in Brooklyn, you won't find the prices for knockdowns any better because they often come with environmental issues, removal snags, and then plans, permitting for new construction is very difficult.

In January they will no longer be a thing in residential areas and so you will no longer be able to sell them at a premium anymore since your permit wont be transferrable. 

You would likely be in breach of contract with the owner if you tried to pull a fast one without proper permission.Then there is the whole issue of if this is permitted with the city, county and HOA.

(Being a college town, lots of parents buy units for four years and then sell them again because it costs less than renting.) 

Gonzalez start application here https://webapps4.chicago.gov/eforms/aduapplicationOnce you hear back from the ADU department that your project is approved then you can proceed to hire an architect and complete the permit process.Good luck!

No sub-leasing and no pets are pretty standard but the rule of “Guests of tenants are not permitted to sleep or reside in common areas.” becomes much more specific but also necessary for the proper order of the home.

In doing my research, however, it does seem like a nice charming college town.

I am a 23 year Assistant Property Manager, and soon to be college graduate.

I'm not sure if a link is permitted but you can always message it to me!