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. 

Investment Info:Single-family residence buy & hold investment in Beloit.

You said you're trying to buy the house from someone who is in foreclosure (not yet foreclosed on).  

I have not heard of one of those, but am gearing up to buy my second house and could possibly use some sort of loan program like that!  

This could work well if you’re looking for steady monthly returns and don’t mind managing tenants (or hiring a property manager).Selling could also make sense if you’d rather use the $500,000 to diversify into other investments, like buying multiple properties or even a short-term rental on the lake as you mentioned.

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.

@Brady Bitter since  you are buying new construction what makes you think you are getting 25% equity.

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

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