I don't know how you uphold your fiduciary duties while wholesaling without running into ethics issues.

In that case, the GP, who was a cheating SOB, issued a K-1 allocating cap gains [§1231 gains] to my Client, who was a minority LP.  

Don't just find out how it's all licensed and check on any historical issues with it, no you want to meet with local board members, find out how they really feel about the place and what the cities wants and plans are for the place.

I think if you can nail that down you will be able to find a market easier.As a buy and hold investor some of the things that were important to me when deciding on a market were landlord tenant laws, price to rent ratio, housing demand, ability to build a team, large population 500K plus, multi-family availability and some other factors.take the process step by step and you will be fine. 

There are some teeth to HICPA since it works in tandem with the Unfair Trade Practices and Consumer Protection Law ("UTPCPL").

I've had smooth loans close with Kiavi and I've had rough ones, same with Roc.When Loans start to be troublesome:1) The borrowing entity docs are a mess2) The appraisal numbers are lower than expected3) Messy background reports4) Loans happening in an environment where market/rate fluctuating unpredictably 5) Your loan officer and their team are poor at their job6) Title issues that depend on county docs, that can be slow and painfulThere's more but it's Friday and I'm tired....

Definitely more tenant friendly than landlord friendly due to the laws in Illinois, but not as bad as California or even Chicago.  

.**** My current issue with the lender that I recently spoke with was that I had to have experience building a SFR on my own property and have sold or refinanced and held in order to be approved for the loan.

I have some acquaintances that have wrapped DSCR Loans without any issues.

And the owner is very responsive to questions or issues (emailed him at night and received a reply within a few hours).