The hang up is getting deals formally drawn up.One idea:- I buy the property and pay 25% DP, then they provide capital after the closing and I pay them P&I over 5-10 years.

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

I have no prior investment experience but after living in Paraguay, and reading some books about real estate investments, I think I'm ready to buy my first property.

All set to jump my start career as a investor to do fix/flip and buy apartment units  ,any suggestions how to move forward.

The LLC sells the subject property and buys, for example, 3 replacement properties in a 1031 exchange. 

They will see a large pipeline of local deals, and they will buy some as rentals, flip others, and flip the contract (wholesale) a handful where it makes sense.

I currently live in WA state and invest out of state for buy and holds.

I am a long-term investor with a buy and hold property in Brooklyn, NY and I also own multiple lands in Florida and Mississippi.

It’s never as simple as it first appears, which is why we always advise our clients to let the math guide the choice.

In answer to your question- Yes, I hope to buy and hold here and flip when possible.