I'll just paste my previous post below (with a few updates): I'm all in on my Chicago-area MTR operation.

I am in the process of updating my profile on Bigger Pockets and put my first deal in but have done a number of deals since then. 

You can do things like request updated tenant information, new signed leases that kick in at close of escrow, rekey or get key copies, estoppel agreements (outlining the deposits held by the selling owner),  etc.  

Down payment 10% or $1,000.00 whichever is less. 3 day cooling of period & 5 day for people over 65 & many other laws spelled out in the business & professions laws that we test on and signed an affidavit to uphold.People on the forum dismiss these and many other facts relative to contractor license law at their own peril.If I took a residential customers credit card & bought material I'd be in direct violation of license law.

Especially considering this performance is over an extended period of time.  

Pace spends tens of thousands of dollars keeping contracts updated for all of us. 

But the link is no longer operable as it's so long ago.The long and the short of it, Porter did about 40 sub-2's taking over the properties in a period of 3 to 4 years.

Loan Structure & Payment FlexibilityYou mentioned a 10-year interest-only period.

I'll update it as I learn more.

The market these days requires short due diligence periods and large amounts of earnest money to tie deals up.