Since you’re currently living in the Chicago suburbs, you’re in a region that offers a variety of real estate opportunities—ranging from single-family homes to multifamily properties—but it’s also important to understand the unique challenges that come with investing in Illinois, as well as the fundamentals that apply anywhere.One of the first things to know about investing in Illinois is that the state, particularly in Cook County and the city of Chicago, tends to be very tenant-friendly.

It’s a unique intersection of housing and social impact that I’ve really grown passionate about.I'm here mostly to connect with others who are interested in alternative residential models, community-based investing, or just looking to learn about lesser-known strategies that still make a difference.

Double-check JC doesn't have unique notice period requirements for such agreements, but a fixed end date is safest.

Hi @Andres F.These are two very different asset classes, each with unique advantages and drawbacks.

We did have a unique little situation take place during the renovation. 

This treatment is unique to STRs and doesn’t require Real Estate Professional Status (REPS).Timing is crucial: be sure the property is placed in service (available for rent and at least two stay booked) before December 31, 2025, to claim 2025 bonus depreciation.

In my opinion, this is a very weak history of their ability to repay debt even though their actual scores do meet my minimum requirement of 650.

Here’s the plan:Pay off the mortgage entirely using our own funds.Transfer the deed into our NC-based LLC that we’ve formed for holding real estate.Formalize the loan agreement so her mom repays us over time while continuing to live in the home.Eventually convert the property into a traditional rental when her mom moves out or passes.Possibly tap into the equity via a HELOAN or cash-out refi to fund improvements or future acquisitions. 

You're in a unique and potentially very advantageous situation, and it's great that you’re thinking through creative ways to structure this transfer.

Hi Deonte,For both scenarios you're considering, lenders will typically require some form of down payment or equity—100% LTV is extremely rare unless it's a very unique relationship or cross-collateralized deal.For option A (lot + build):A one-time close construction-to-perm loan is possible, but most lenders will want at least 20-30% down based on total project costs.