You get the results in about 2 days and even a letter that is written to the tenant on whether they're approved or denied (and why they're denied).

I have never heard of a State Minimum, I live in Pennsylvania and I know there isn't any here.As far as I know, that is totally up to the seller to accept or deny whatever you offer.

NY team also deny any problems with Bill Lange and just say the credit crunch has held them up.

I don't deny that an LLC may have value for certain investors, however, my comments are aimed at this specific instance.

@Steve Babiak - I don't deny your evaluation.

Also, on what grounds can you deny an applicant so you don't get tagged for discrimination.  

Can any investors in Illinois confirm or deny this?

If you low ball them to begin with > get denied > then offer $100 over asking... well, I think they already got a look into what your intentions are (lock the property in, inspect and drop the price).

@Ashley Pimsner   The way it works in my market is the owner or the property manager chooses who is accepted or denied.  

@David Dachtera - Yes his primary residence is on the table for a short sale should he be denied for the principal reduction he has applied for.