Quote from @Shrikant Kakani: I'm not sure how you landed on those particular cities.

Land cannot be on a lease. 

Good morning,Can anyone recommend a reputable general contractor who can specialize in rehabbing a multi family in the chicago land area.

LLC will not protect you ..Land Trusts and Umbrella Insurance can

The risk profile for someone who's a local GC and has worked on structural rehab buying a portfolio in a building is quite a bit different.Also, situations like this where professionals can properly evaluate risk and bring in capital to solve the problem of said older folks is a way to earn income and make a positive impact (assuming you're not low balling the distressed, fixed income seller).

If you are also living below your means, saving, and reinvesting after tax dollars you can get the ball rolling faster.Nothing ruins an investing career faster than a surprise $20,000 CapEx bill to a new investor who has $2,000 in the bank and just spent every penny they have on a high risk property. 

I think the investor-focused agent is one that understands investor needs vs. buying a primary home- very different ball games I think.

One option that a local landowner has shared was seller financing the land.

And a lot of start-up companies are migrating to this city as well, because of the efficient costs of living, the OSU campus that has thousands of students graduating and looking for jobs locally, and the availability of land.

I have someone who wants to do a land contract sell price 500k 70 k non refundable down 2 year balloon 3500 month payment. 2000 principle 1500 interest 4% percent.