Luckily in the lower priced house ranges around Chicagoland the rents don't really go down. 

Often you can get a refi sooner than that but it will be based off of the lower of the appraised value or the purchase price. 

This is in what I’d call about an an A- or B+ neighborhood, in lower income neighborhoods perhaps people wait longer I am not sure. 

Also, it can take a while before you get the short-term rental up to a reasonable occupancy level and nightly rate.

That’s why I go no lower than 8.34% (One month rent) for Vacancy reserves.  5% for CapEx may be too low.  

My lender is saying that they go off of the lower of the two scores, and it must be at least 720 to qualify for only 15% down. 

Hey guys,I found a property with a special situation: it has two lots - one lower lot with a house and one upper lot that is empty.

Or is it more general - like quite literally you could take any property and transfer it from you to any arbitrary LLC and there would be no transfer tax (at the federal level)?

What is available at the investor level today will be available in 45 days. 

I explain to the prospective tenants that in exchange for lower rents I expect tenants to adhere to maintenance rules such as yearly carpet cleaning, monthly house cleaning, AC filter changes etc.