I have worked with many investor clients in search of the perfect multi-unit investment property. Whether purchasing for pure rental purposes or to create the perfect owner occupied situation, the same question/issue arises of what makes a true 3 flat.
Beware the 2 flat posing as 3 flat, there are many out there. In other words, they are legal 2 flats with an illegal 3rd unit. The bottom line is that the zoning certification provided by the city of Chicago rules. Do not pay a 3 flat price if you are really purchasing a 2 flat.
