You'd need to ensure your ARV is 20-25% higher to get your original cash back out while meeting the refi equity requirement. 

Cedar offers natural resistance to rot and pests with a great look that can enhance property value, but at a significantly higher cost and it requires regular maintenance to retain its appearance.

Why doesn't the RE commission in Illinois simply upload all of their standard RE forms to their website and allow anyone and everyone to download??

Do your same background and credit checks and other requirements that you do with every other applicant. 

Lots of little houses on large lots, some with multiple units (can be cash cows) built before permits were required so grandfathered-in.

And if so, what is the cost and prospect for collecting something, certainly not all, but something.My thinking is that if it shows up on their credit, it may hamper employment, car purchases, rental applications, education funding, etc and at some point they would need to pay me to go forward with some major life steps over the next 10 years.Your time and money would be better spent updating your rent requirements to get better tenants, increasing deposits if allowed and proactively evicting tenants who are behind so you don't get back in a position where someone owes you a substantial amount of back rent. 

The in-laws want simplicity since they have no interest in managing the unit.From what I understand, it seems logical for them to handle the required taxes (TAT & GET) and compensate me via a 1099 form.

Whether it's analyzing market trends, scouting potential properties, or diving deep into the intricacies of investment strategies, I simply can't get enough.

If so, it could still very much make sense.If this is simply new construction in a low-end area though, that's different.That said, if this area is rapidly improving I'd be much more inclined to buy some of those lower end section 8 houses than I would a new construction project.

Then I require an application for any individual that will live in the unit.