.* In my world (Bank) a "Foreclosure" is a property/loan that has a filed notice (Often referred to as first legal) that a foreclosure has commenced and is somewhere in the foreclosure process between first legal and sale (or post sale redemption).

So my solution was nearly zero work, almost no experience required, and an improvement on their current zero income solution.

There is a high probability of a solution, but you need the right team to make it happen.

Not sure what suburbs you are referring to, but I have a lot of clients that are very successful investing in areas like McHenry, Woodstock, Elgin, Antioch, Mundelein, Belvedere, etc. 

Here's the terms:FOR VALUE RECEIVED, XXXXX a limited liabilitycompany (hereinafter referred to as "Maker*), hereby promises to pay to MY NAME,whose address is redacted (hereinafter referred to as"Holder"), or order, the principal sum of $XXX,000.00 in legal tender of the United States, accruing interest at an annual rate of 18.0%.

I’d love to hear what solutions you use at your scale!

Both laws use the same terms, but define them in completely different ways.I find it best to reference HUD's guidance memos on the subject.https://www.hud.gov/sites/dfiles/PA/documents/AsstAnimalsGui...https://www.hud.gov/sites/dfiles/PA/documents/HUDAsstAnimalN...https://www.hud.gov/sites/dfiles/FHEO/documents/19ServiceAni...

Any time the tenant causes a problem, they should pay for the solution.

For future reference, there are some threads about them here on BP.

In real estate (and probably other industries) this is referred to as a Single Purpose Entity, and it's usually a smart move.