Renovation and increasing rents legalities
I know someone that have just undergone a on a 3-flat in an increasing value area in Chicago. 2 of the units are already rented out, and the 3rd is owner occupied. Their plan is to live in the garden unit, and renovate the two other units. Current rent is 850/unit and after renovation are looking to have rents at 1450/unit. There shouldn't be any legal issues as far as forcing the families out to renovate the property, right? Their leases expire in March and will be able to live there until the lease expires of course.