This would be different say if the garage had a studio apartment on the upper level. I

There are plenty of disadvantages to my structure for someone who requires individual vesting for conventional bank loan qualifications and other will probably argue that the asset protection level is lower than other offshore strategies (true) however I'm a stand up guy and don't run from trouble.Best advise: keep it simple for now and focus on deal flow (and cash flow) until you have something to protect from taxman and the crazy people.

But, the legislation specifies "soft-story" apartment buildings, like the one below, where part of the first level is basically a covered parking area propped up by wood.

Working on creating my policies for becoming a landlord in Chicago, IL before i buy my first building because of the highly ambitious goal of having 1000 rental units by the time I'm 40 (which will be in 13 years from now) i understand the fact that i will need to have multiple systems and processes in place to be able to expand at this level.  I

My real estate business has taken me to a new level; I have helped 100s of people.I love REAL ESTATE!!

Then the next level is you pay for coaching in Kiyosaki's organization (or others) or pay for seminars.

I just completed my first fix and flip and have buyers who are interested. We agreed on price terms etc, were under contract for a few days and then I find out their lender can not approve them due to student loan and...

Depending on your market on the appreciation level and future rent level.....I would suggest you review the total financial picture which should include: 1) principal pay down annualized 2) depreciation 3) overall tax position with regards to W2 ( if applicable)Hope this helps!

That is not a lot to be out of level and have worked on houses with far more of a difference that have been standing for over 100 years ( 3" or more out of level) - I don't think that is anything major to worry about

I think the best option is to read up on both pros and cons and speak to a lawyer for advice but ultimately it will be a decision based on your personal scenario and comfort level.  I