I will take everything you have said and implement it.

There are documentation practices you need to be implementing today rather than tomorrow.

Originally posted by @Dyryl Burnett:Hello All,I desire to do the following:-Purchase a distressed 3/4-unit Income Property, Owner Occupied (House Hack)-Rehab the property via a 203K loan (Chicago is an appreciation market)-Once the property has tenants and the necessary systems to run effectively, save reserves for that property When you implement your plan consider paying for a warranty program from companies that cover multifamily up to 4 units.  

Mortgage lenders often use a more stringent algorithm to calculate credit scores than other types of financing.

The Source of Income Ordinance was passed by Austin City Council members this Thursday, December 11.Ordinance to be implemented January 12, 2015Austin MonitorAustin Apt.

If I am you, find a strategy that you can implement that will help you achieve your goals.

Engineers also work with contractor's that do the work they design so the Engineer will likely know 3-4 contractors that can implement the Engineer's fix, if needed.

Since the house would be considered non-owner occupied, you would have more stringent loan underwriting.

One offer was for full funding of project at $700K with equity financing for 10 years at 40% profit share plus loan payment @ 18.5% compound annually with decisions making power,Another investor's wasn't able to acquire full funding for the offer they proposed And the final wanted to implement their own management team with full funding.

Then I would seek out someone in our Reia that was implementing those ideas with great success.