Then, each person with money in the deal would get an 8% preferred dividend until they get all of their money back.

You might be able to get around the fact your entity owns the property by either transferring the property back into your personal name or by some personal guarantee or cross-collaterization agreement.

Hey @Mordechai Chaimovitz - It sounds like you are talking about Chicago's NW side because there are definitely tons of areas in Chicago where a 2 flat can cashflow well.I know for me buying on the nw side was critical to my personal well-being and life happiness. 

Also, you don’t need a business license just to look at properties, but if you buy a bigger property, like a multi-family unit, you might need a certificate of occupancy, depending on the local rules.For business trips, most expenses can be deductible, but if it’s part personal and part business, you can only deduct the business portion.

That could be a PM or you can hire a person to work full time for you. 

However, I think for the average person this is probably not true. 

I’m not convinced it makes a real difference unless a person has a unique setting.

Learn learn learn and always take action

@Mindy Jensen this is what I do until I've established a good relationship with them. 

Personally, I bought a 3 bed single family home soon after starting my job and had two friends from college rent which covered my mortgage plus a little extra.