The Berkeley City Council plans to introduce a scheme designed to seize private property.  

And a nationwide right to council for anyone facing eviction.  

Therefore, it is reasonable to assume that the Chicago City Council would not have passed the KCRO without the rent limitation.

If your group should shift into a more passive approach and go the route of pooled funds for (syndicated) lending to investors you would be very well suited (and much safer) to get in touch with proper legal council to organize (SEC attorney, CPA)As far as organizing however, this is where I would start; Define the active or passive  REI approach and proceed with legal formation accordingly.Hope that helps! 

So this should run as a business.  1) 60 days is more than fair, but I would council saying 45 days. 

STR is not yet an option for most of the area, although there are people on the city council trying to change that (for a small section of the beachside). 

@Andrew Tam your agent should be able to speak to this better as it relates to the specific laws in your location (or they may recommend you seek legal council), but in general how it works is the contract isn’t technically binding until the buyer provides what is called “consideration”/ delivers the earnest money.

There is quite a bit to know here about rules and regulations and City Council is going to soon vote on some new regulations - so things may be changing.  

There will be a vote tonight 3/29 on whether or not to put a moratorium on new STVR applications in the city of Chattanooga. This will mean no new short term rental applications will be accepted until January of 2023....

Council members asked if I talked to my neighbors, which I already have.