I used to use the method for years as a Florida Private Banker for wealthier clients that were susceptible to law suits and could relatively easily pay off the line.

Note I 100% know that CPM is not LTR PM with a few tweaks- I have lived and practiced this for over two decades. 

@Mindy Rosscup, you want a contract that is specific to the laws of your state.

And these were Portland Metro assets so NOT low value mid west assets.. we did this until the law changed and it was illegal to buy pre foreclosure and rent back here in Oregon..

What limits home-buying beyond inventory, rates, and prices are the lending practices now.

From our experience best practice has always been to have exterior cameras as well as smart locks.

I'm definitely informing law enforcement now.

Or else reduce enough on price to deal with an eviction from an illegal unit.I don't know Chicago laws, but in NYC if you have an illegal unit, the tenant occupying it seems to have more rights than the owner does and doesn't have to pay rent... 

Next year, your income may change; your family or tax situation may change; tax laws may change.

But you need to be at least transparent and ethical in your practice.