Would personally guaranteeing the LLC loan effect the ability to buy the new house for what we have been qualified for?

I have compared them and the more effective option would be to make the existing space a 3/1.

Mortgage lenders will not concern themselves with your best intentions; it is not about what will be - it is purely about what is.And if the property is tenanted at the time of possession, then you are effectively applying for a rental mortgage.

This will have the exact opposite effect intended.

Most people are not good at visualizing the “after” effect of remodeling.

This inspection period begins on the “Effective Date” listed on the contract in the Fannie Mae REO purchase contract."

With the debt going away in a few months, it’s not going to have long term effect on her ability to pay the loan.

If not and he moves out and you sell the property shortly after then it doesn't effect you much anyways.

You can have a cash-flowing property that has a loss for tax purposes, primarily due to the effects of depreciation (a non-cash expense).If you have a negative cash flowing property, then your only financial benefit as an investor is the gamble on property appreciation.

As far as screening tenants, keep in mind that a new law goes into effect this month that limits background checks in Cook County / Chicago.