I realized that I have more to work with than I thought (both financially, and just "knowledge").

University of Illinois Urbana-Champaign (UIUC) has seen record enrollment in recent years: it set its highest attendance in history, with over 57,000 students enrolled and in 2024 just had highest freshman attendance in history and keeps growing, Carle Hospital, Craft Factory (Warren Buffett approves), etc for diversity of economic drivers.

Since refinancing and investment income (like rental income) usually aren’t seen as earned income, it likely won’t affect your mom’s survivors' benefits.However, if your mom’s survivors' benefits are based on disability (SSDI), then additional financial or property assets could trigger a review, so you might want to consult a CPA or financial advisor to be sure there are no unintended consequences.This isn't legal advice.

Sometimes you can get them to add a construction credit and then record it at the clerks office.

Due to complications in due diligence (seller financials), the only way that it makes sense for us is if we can assume the current debt, because it is below market rate, already underwritten etc.

My only backup plan if I can't get verified funds is to assume the worst and to drop my counter offer even lower than my original due to the risk I would be taking on, and then when I do my in person inspection try and guess what rents are fair market for the empty units, and ask as many tenants as I can what they pay in rents monthly.Seller should give you all of his bank statements for the time he owned it, plus the operating financial documents (including rent rolls)that he received when he bought.Then find an apartment broker in the area and find out about rents in the building and in the immediate area.

And the manager is not financially aligned (and in my opinion, doesn’t do as good a job of screening tenants, etc., as I can).

You won't have anonymity since property records will show Jasmine sold the property to the LLC.You will get liability protection with the LLC if you do it right, but you will pay more for it and might not tangibly benefit from it.

As long as you and your CPA maintain thorough and accurate records, you should be in good shape.

Can be profitable ,BUT, my experience as a hard money lender is that there are many companies operstimg in this field that aren’t very stable financially.