We have found through our experience that these price points help provide a higher quality home (age, location, school district, curb appeal, crime rate, median household income, lower maintenance profile, appreciation potential, etc.) and a higher quality tenant (fiscally more responsible, less transient, strong job security, etc).I hope this helps give some clarity to our business and please let me know if i can be of assistance.Sincerely,Michael Finn

Jamie,you have some details correct and some mixed up a bit - let me help.There are 4 components to a property - let us use a single family home as an example.There is the house - bricks and sticks.There is the deed - who owns the propertyThere is usually a note and mortgage - the Note is the promise, the Mortgage Secures the promiseThere is occupancy.Most people think these are all in the same and sometimes they are - in our instance, they are not. 123 Main St is the physical address.

For example, if you do not put the name & address of the bank in which the separate account you have for the security deposits, in the lease, you owe 3 times the deposit to the tenant.

Because the seller has a security interest, they can foreclose if the buyer doesn't pay.

So you want an attorney that regularly is in the Chicago courts and knows the CLTO and the process in and out.My best recommendation, take a day to hang out at eviction court.

They can stick any arrearages into the repayment and you'll get monthly payments on that, but moving forward they have to make the regular payments on time.The judge does not have the power to restructure your contract other than what is allowed under BK law on dismissing unsecured debt.

Since I am using HML they will have a 1st position lien on the property, so can I secure the $30k with just a personal guarantee?

Well, yes, but the easy way to spot a financing agreement is if there are any payments or credits made toward a purchase price or amount owing where the title to property secures the obligation or will be expected to be transferred. :)

Floyd,Is this LLC going to be using SDIRA (Self Directed IRA) funds or just be a 'regular LLC' outside of IRA (or other retirement) funds?

When the income is derived simply from buying and selling, especially if there is value added through the process, then that typically will be viewed as conducting a trade or business, and if done on a regular or repeated basis, would have UBIT exposure.So it is not the notes, but the buy, remedy, resell model that create the exposure.