I also checked their 6 months bank statements and it seems like they are able to pay all their bills from her income alone.  

A lot of them get multiple phone calls or letters in the mail but just keep in mind when you use a Big Bank (FDIC) you "Do not" pay points.

In practice how Mello Roos works is you create a political subdivision and apply to the county they approve the area for the Bond issue.. you need Bond council and a investment bank to create and sell the bonds. once the Bond issue is approved this allows the developer to get a Bridge loan to build said improvements ( that are usually 5 to 50 million or so) Once improvements are in  and taken over by the county the Bond money is released and is used to pay off the Bridge lender..

Hi DanI know my bank does HELOCs on investment properties.

@Carl TrubeWell have you confirmed the bank will let you assume the loan?

Hi was was wondering if anyone here in Chicago or surrounding areas have purchased from the cook county land bank and if so what kind of loan did u get if any to buy and fix it up or develop a property any info would be very helpful thanks

Make sure all parties know the jurisdictions that you need permits/approvals with, and whatever duration you think it will take to achieve permits, probably add 50%.  

before you go down the rabbit hole to far as @Bruce Lynn mentioned see if the jurisdiction were the lots are located will even allow a surface operation within their zoning code or that lot size.. thats the first thing I would do.Being an old land man I have dealt with a ton of mineral and water rights.. there is a lot to those buggers..

If you do not know how to control money well, adding more to your bank account will only create new problems.

These self employed 2nd mtg's are typically based on alternative method of caluclation like profit and loss statements if you're self employed or the last 12 months of bank statement deposits using a formula to derive an income from these deposits (like 50% of all annual rolling 12 calendar month deposits X 50% /12 months = monthly income).