When the second phase was built, the units have the same floor plan, but they added individual heat pumps and individual hor water heaters in each unit, so that they were on the occupant's electric bill. 

I've done and been a part of many Chicago zoning changes...they take a very long time and a lot of upfront money...unless you are planning to add multiple units and do a full renovation, the ROI is probably not there.

He was stating that to use it as an backdrop to tell people he has a backup plan.

No one expects you to put money down when you tell people exactly what you are planning to do and how it works.Forget what everyone told you about how wholesaling is done.

Summary: 7 loans outstanding: 4 in foreclosure, 1 in default - trying to develop a plan before I begin foreclosing, 1 current, but has needed multiple payoff extensions, 1 current with no issues.

If you're planning on managing the rental unit yourself, you'll learn a lot about owning rentals pretty quickly.

Sometimes tenants bite, sometimes they don’t, but it’s worth a shot.Owner Move-In: If you’re planning to live in one of the units, you might be able to legally take it back.

I think I will plan to do this hopefully in a year or so.

I was planning on refinancing with CMG and pour all the rental income of this property (3 units) into it to pay down the mortgage but also have available cash for purchasing / rehabbing other properties.

Are you planning to buy more properties?