When they're month-to-month they're just like any other tenant, which means you can raise the rent with proper notice (30 or 60 days in my state, depending on the amount of the increase). 

I’ve been trying to househack for a couple years and it’s not easy in Chicago!!

This seemed like an easy process at first, but now I am concerned about the best way to go about this without violating my current loan, a future equity option, and potentially putting this plan in jeopardy.I would like some advice on the best way to strategically go about this process.  

Would love to hear more professional input Jay Hinrichs unfortunately there is also the mindset on BP  that find the deal first money will be easy..well that could be true for a no money wholesaler making their spiff.. but for someone wanting to actually go into the industry you need money first deal second.. deals are like street cars there is always another one..

So in a perfect world I would...Buy it for $950K (max)Immediately wholesale it for $1.05 million ($100K profit)New buyer can put $150K into it and sell it easy for $1.4 million.

This is how they are being taught and then doing deals without proper due diligence or exit strategy.Ive sat back and watched investors who are presenting themselves as experts bringing money (JV partners) into a deal and buying notes in Illinois.

When it's time to deal with an attorney I will certainly seek the proper channels and move forward accordingly.

Here are the numbers: purchase price- 400000ARV-535000Repairs- 25000-35000And that’s if we sub the work out, we can do it ourselves easy, very cosmeticHere’s where we’ve got with the financing.

@Chris Seveney  @Mindy Jensen    Mindy can you run this up the flag pole at world headquarters.can you guys develop an easy PV  for note investors .. a simple to use calc. to help these folks who are trying to determine what to pay for a certain yield in the note space.. ??? 

Unfortunately, there is no easy answer to this question.