I think your mortgage broker should be able to get an exception that rule is to stop you from flipping it, I am sure Fannie Mae also puts the same restriction on their deeds so that's the pot calling.

These are blood-suckers going after the pot of gold because they know there's a very good chance they can scare the Landlord into an out-of-court settlement, wherein they'll get paid handsomely.

It's more important for this project to succeed than I can tell you.I know any investor is going to want to see detailed business plans and drawings for the project's design, but I certainly can't afford to hire an architect to draw up a layout.In short, I am in the same position as a man who needs badly to relieve himself and has no pot to catch the stream.

Originally posted by @Dustin Cook:      The issue with finding a reliable agent is indeed my main concern.  

We have something else in common other than REI, that being food and hospitality, only problem is you work so hard for so little in return unless your a celebrity cook but hey that's why we're here right!

I like the idea of cooking in some safeguards against industry-specific reliance in your tenant choices.

Look at this information===>Single Family Residential814 sqftStories: 2 story with attic and basementRoof: Shingle (Not Wood)Basement: Unfinished Basement 2 BedroomsLot Size: 2,975 sqftParking: Detached Garage2 UnitsCounty: Cook 1 BathroomBuilt In 1904Parking Spaces: 1Construction: MasonryTax Rate Code Area: 72167The Seller is asking 5k down, and selling the property for 25K.

The books can also be cooked and stock paper today that is valuable could be used for toilet paper tomorrow.

I live in Lake County and I do not know cook county very well.  

Those type of horrible random events WOULD NEVER happen to you because you are a good responsible person and you care a lot.A more intelligent argument would be:  I'm a good landlord so my pot odds are so low of successfully being sued that I don't want to bother with the cost and hassle of forming a LLC.