Wholesale in Illinois

[David Kors]

Hello Everyone,

I'm currently reside in Chicago, Illinois. I am currently researching on how to wholesale a property in a legal way. I'm planning on wholesaling houses whether it be a foreclosure property, pre-foreclosure property, tax lien property, or less equity property where the mortgage is still due, or just an abandoned property. There were some articles where it said wholesalers would have to be very careful because they may impersonate a real estate broker and could be fined for that. I would like to know what separates wholesalers from broker? Would I need an attorney to close a deal? Where do I being if the property is foreclosed, pre-foreclosed, has tax lien, or has less equity in the house? Can someone please explain me the procedure step by step that would be helpful. I'm kind of dreading because I may have read so many different things that I'm kind of confused on how to approach my first deal. Do need any license? Thanks!