This option interests me because her loan is locked at 3.5% interest rate.

Also, my current CPA (who also resides in Chicago) is great and also specializes in real estate.I will add that spending the necessary money on a solid CPA is worth its weight in gold and pulling the trigger before you feel like you can afford it is a good thing!

I decided to do a 3 yr interest only at 7% with a 12-month lock-in.   

10/1 ARM @ 4.75% (March 2020)Did cash-out refinance November 2020 and pulled out $25,000 cash and locked in 30-year fixed @ 2.75%.

The transferring back and forth of a single member LLC will not trigger the due on sale clause. 

Find a property that works and pull the trigger.

You have to lock in what your plan is with the property before you determine what is too much in reno.

I looked at the comps and unfurnished ltr's go for 1800-2100/month, so with the utilities at ~ $500 and the entire place furnished, and the benefit of not being locked into a yearly lease, I came up with the $2800.

I want to lock in this deal, I have analyzed the numbers, and they make sense to me, this will be my first multifamily purchase.

Have you looked at smart locks that do not appear to be smart locks?