Standard contracts usually say seller is responsible for CO and if the city does do a physical inspection on re-sale, sees that it's a legal 2-family with an illegal 3rd basement apartment, then city may force seller to remove the 3rd unit.Shoot me a message on the grants you're talking about...are they for owner occupy or investors?

Its a pretty safe bet that they won't exercise their right.As far as why banks buy back properties, I honestly don't know for sure.

@Anthony Kondor Step one- look up property pin number by entering in physical address (click "property address search" on the left)http://cookcountyassessor.com/Property_Search/Prop...Step two- plug in pin number and search http://12.218.239.82/i2/default.aspx

I'm leaning toward the postcards, but the pens offer me a chance to physically hand the pen to a prospective client, attaching a face & personality to the name.By the numbers:I'm looking at 200 pens for roughly $70 vs maybe 2000 postcards for roughly $300+ postageAny input is appreciated!

I guess I should exercise some patience as it seems I am moving at a rapid pace.

Increase rents and decrease expenses.Have an option to buy based on low NOI and either sell your option or exercise it.Need Private Investors for 100 units.

ZERO marketing costs, Great exercise and you get to meet Wonderful people.

It's not unheard of but extremely rare for these to be exercised. 

Early on I would not care so much about getting the property, but more so going through the exercise of evaluating its profitability.

If her house sells she'll probably end up exercising that option shortly anyway.