i've been meaning to check out the 'straight up chicago' podcast about the rental market out there. to learn about property mgmt in general, two BP personalities have a book on preorder right now about self management, it should be showing in the bookstore on here, that will be a good one! 

As for financing, just to be clear, a line of credit and a 203k loan are two very different things. 

Or, the place could look like your Aunt Gertrude’s house and some elbow grease, sweat equity hustle and two years later sell for a profit. 

You put a door on that second doorway into the kitchen, and you kind of have a separate basement entrance.Be aware of your laws around ADUs and basement units.

The existing house is closer to the street, leaving enough space for two more houses to be built behind it.To make this happen, the lot would need to be divided into three parts.

My example of a recorded judgment lien not attaching to a trust with trustee other than yourself was a special case of outside liability protection.To get liability protection and anonymity, some attorneys suggest a combination of land trust and entity.In all my years of private lending I have only run across two borrowers that used land trusts, and neither of them were billionaires.

See Vacant Building Ordinance and registration form at https://ipiweb.cityofchicago.org/VBRCN193029Maintain watchman from 4:00 PM to 8:00 AM for vacant and dangerous residential premises. (13-12-140)CN193019Repair or wreck dangerous and vacant residential premises. (13-8-100, 13-12-125, 13-12-130)CN193000Maintain building in safe condition so it does not constitute actual and imminent danger to public. (13-12-130, 13-8-100, 13-12-120, 13-12-125, 65 ILCS 5/11-31-1) Maintain building windows and doors in safe condition. (13-196-550) Maintain stairway and porch in safe condition. (13-196-570) Maintain floors, walls, and ceilings in safe condition. (13-196-540) Maintain building in safe condition.

If not, we roll into Phase Two, a much larger part of the development and a perhaps a much longer wait for my cash.

The two could actually become one.It’s a no bueno situation.

It may take two or three years to find the right "next place."