The maximum occupancy permitted in a vacation rental unit is two (2) persons per bedroom larger than 100 square feet, plus one (1) person per bedroom greater than 70 square feet but less than 100 square feet, plus two (2) additional persons, or a total of eight (8) occupants, whichever is less.The homeowner must post the required information on the property.

The best rate is, more than likely, the one that the property currently has.Helocs and Second Mortgages can go up to a 95% CLTV and though it will have a higher rate than a full refi, its worth comparing the average blended rate vs a full refi at todays rates.I wouldnt be the one to help you in Illinois but I can put you in touch with someone else within my company.

Do they need me to go into any virtual/in-person meetings?

I personally have no problem driving in the rain if there was any.

HOWEVER, I do personally make over $100k/yr cash flow from 16 properties here.

Hi Chris -  My company specializes in helping homeowners navigate state housing regulations.If your life circumstances change and you move out before 3 yrs is up, you will not be penalized.

We no issues closing in an LLC, as a matter of fact most of my lenders will prefer it (assuming it is not your primary residence)Assuming it is not your primary residence, the easiest way to do this deal would be through a DSCR Loans.A DSCR Loan will use current rents or market rents if the property is vacant and personal tax return from you would NOT be required.It also referred to as a No Ratio Loan because your personal Debt To Income is not important.What is important is that the property can pay for itself.If we keep the LTV Low the rate for this loan can be better than a conventional loan.If you ARE Living in the property and you want to keep it... it would mostly depend on how motivated you are and how willing you'd be to "postpone gratification"The best bet is still a DSCR Loan.. which means you moving and renting the property out.We can bring in Asset Based Financing that can help with cash down (if you need it) or to pay cash for another property for you to reside in.Once you're moved out we can do the DSCR Loan at a 70% - 80% LTV or we can calculate a comfortable cash flow number.For example, max cash out that will give you $500 cashflow after a full PITI payment.Let's discuss more!

Its nice to see its still affordable to find a good lot and have a new MFH brought out by the MFH company. 

Pay off HELCO, REPEAT.If you are an accredited investor I can discuss some Alternative investments I am personally looking at to generate income that offer tax advantages to shelter some income.

It seems every company I talk to is a general contractor.