I don't think there's much wrong with the rate, you'll be stuck with stuff in an escrow account, etc. but it's the amortization table that's going to kill you.  

Usually for a lease break you can hold them accountable for the remainder of lease time until you get it rented providing effort on your part to do so.

Thanks Account Closed! 

I have found out, though the past 19+ years of doing this, that as long as you communicate with the bank and you pay your mortgage on time [from your LLC's bank account, of course], there is nothing to worry about. 

Account Closed May I ask why you want to switch? 

If she was paying you the rent, than it would qualify as a rental property.Also, make sure when she deeds you the house, the transfer is accounted properly.

Also, when structuring your lease, take his/her extra expenses into account too. 

Account Closed Lincoln Park is a great area, one of the best in Chicago.

Again, what was the total you had for down payment and reserve account?

They will give you Prime minus .25% on a HELOC if you open a checking account with them.