Thanks for your help everyone. This definitely sheds some light on the subject. Corey, most of your assumptions are correct.

One follow up question (if someone's looking for extra credit), I am going to be owner occupied in my new building. If I live there for two months or so could I move into the next building and get the same financial benefits as the previous building? Such as only requiring 10% down assuming my debt to income ratio is sufficient. If you see where I'm going with this could I keep this system up for property after property or would that irritate some banks?

PS, I have not given anyone thumbs down. - Thu Mar 27 2008, 12:29

Legal two flat with rented basement concerning LOC?

Asked Mon Mar 10 2008, 22:07 by Abigail - Logan Square - Home Buying - 6 answers

Abigail answered:

Not offended in the least. Just trying to get some straight information. Much appreciated.

It was just hard more me to believe how much illegal housing could be out there based on the information you gave me. Thanks again - Tue Mar 11 2008, 10:59

Ok, Ok, Ok. You two gave me some great information to bring to my Agents. Thanks. I can't help but make comment of your slumlord comment though. Many of the basement 3rd units in 2 flats I have seen people living in have been great apartments. I live in one. Good ceiling height, two exits, proper ventilation. Can I assume this is illegal as well? Seems totally up to code. How hard is it to get a building rezoned for 3 units? If the illegal apartment is up to code in every aspect is the only concern of the city properly collected taxes and population density control? - Tue Mar 11 2008, 07:46

Can anyone recommend software good for real estate investment evaluation and organization. I have recently

Asked Sun Feb 24 2008, 10:52 by Abigail - Logan Square - Tech Tips - 5 answers

Abigail answered:

Thanks for you help everyone - Sun Mar 9 2008, 14:25

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