A heloc can "never" be used as an "Asset" or Liquid reserve both required when you purchase additional rental properties. 

The Seller is required to disclose any material defects and a fire would definitely fall into that category. 

A lot of loans require that you already own the land outright before they will provide funding but there are tons of different options.Once you have the funding piece figured out, I would discuss with a builder and try to price it out.

I just want to do things within the law and if a RE license is required then I can certainly get it within few weeks IF NEEDED. 

An LLC requires time and money to create and maintain, every year. 

I understand a fixer-upper would require a lot more work in accurately determining repair costs, finding good contractors, etc., but I think the learning experience would help set me up better for future deals.

Sewer issues in Chicago are very common which is why I ALWAYS recommend / almost require my clients to get them done + if there's trees in front or in the back of a property, there will almost always be plumbing issues + needed rodding. 

IMO investing out of state requires a fantastic team before you buy a single piece of real estate. 

The design requirements are as follow:1. 6 bedroom (maximum allowed by the septic requirement based on lot size)2. 5 bathroom (Almost each bedroom has a ensuite bathroom) 3.

However, here are a few options:Private Lenders or Hard Money Loans: These don’t require traditional documentation like a W2 and are often used for fix-and-flip projects.