Owner of LLC qualify as owner occupied
Hi everyone,
I haver searched everywhere, but cannot find a definitive answer. Under Chicago Municipal Code RLTO 5-12-020, exclusions are made for dwellings that are "owner occupied" and 6 units or less. Currently, the property owner qualifies for this exclusion. However, the owner wants to form a one-member LLC. I am wondering if his continued living in one of the units can still be considered owner-occupied if he transfers the property to an LLC?