It sounds like they have money, and it sounds like in exchange for that money you're setting them up with an income stream.

I recommend you set up your BP alerts so anything Chicago will show up on your feed. 

I know as the Lender, I always have the option to modify things but the NoD helps set the stage if the borrower doesn't act or respond in a way I feel is beneficial to getting the project across the finish line and me my capital back.     

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

For example I use the same set of criteria for everyone and accept the first qualified applicant who completes the entire application process. 

One of the most important things you can do is set expectations.

The second of two homes I bought when I sold the rental, I would have bought a more expensive one as the one I got was close to the university and tended to attract students which had higher turn over (though it may also be my local market).I'd also look up how to do a 1031 (I think that is what it's called, I'm not in the US) where you defer capital gains taxes on rentals by buying another within a set period of time.

The next steps are obtaining the Judgment, followed by setting a sale date.

@Rama KrishnaTo start investing in real estate, set SMART goals, educate yourself, learn market research, and choose a strategy.

Setting up the LLC in Ohio was affordable so if we decided to go forward with a BRRRR we could always open another LLC for that too.