While MOST people with pension plan investing who want the higher yields of private/hard money loans would either (1) purchase existing notes from note brokers or (2) participate in partial notes via brokers or (3) invest in sponsors high yield note funds there are some do it yourselfers who choose to invest in loans independently.  

What I have heard is the following:1) Banks willing to extend loans with the existing owner, hoping they can hold on until NOI goes up or interest rates come down2) Banks knowing a property is coming back so reaching out to a local broker to find a buyer with a pocket listing. 

I just put one property on escrow which was also in a very bad shape - strong smell with cat urine and I had to replace all drywall and existing flooring.As I am waiting for my escrow to be closed, this came into my attention.

I believe the play is to either improve the existing building and raise rents or the zoning allows for apartment buildings and the lot is considerably big, so maybe build new.

If “wholesaler” (used in the sense of contract flipping, not people who close on purchase and resell) were required to disclose in writing to home sellers that they are not purchasing the home, are only trying to “flip” the contract, and the sale will only close IF a buyer at a higher price can be found, would this eliminate the need (if a need does exist) for government regulations being enacted and or for “wholesalers” to be licensed real estate agents?

Luckily you as a new investor have far more strategies and strengths than an existing investor with multiple properties. 

Any recommendations on an AirBnb Manager in Chicago to take over an existing asset?

Just realize that if you buy real estate with a heloc, be careful as now you are basically leveraging existing assets for new assets and many times people get over levered and in trouble in those scenarios.

Have the permit in hand, the building erected quote, banker says no downpayment needed since it is tied to an existing project that is very LTV favorable.   

In PA, there are no tax liens, only tax upset sales where you take title to the property subject to any existing liens.