While they only took up a word or two of this story, they took up months and years of my life for which I earned nothing and lost much, at least in the short-term.

I figure REI is like most other things in life… hard work and persistence will get you there.

What I was referring to was that I know two private lenders who have the borrower complete the Deed in Lieu documents at the Closing of the initial loan and then hold them in escrow during the life of the loan.

So here's a real life  question. 

Always be cautious of what you charge on things like paint, flooring etc.. most judges will use life expectancy and divide out a pro rated amount you could charge the tenant for excessive damage and not normal wear and tear 

I'm not too familiar with the markets yet but research I've done suggests that the towns of New Britain, New Haven and Hartford all have a good mix of inventory and low prices coupled with plenty of amenities, night life, cafes, etc and local colleges to bring younger people to the area year after year.

It really does depend on timing of being put in service, that bonus it qualifies for (if any) and the life cycle of the elements that can be advanced. 

I'm on house number 4 that I've lived in and renovated, so I agree that's a good strategy (I've done it just through life, not actually a purposeful strategy). 

If they're delinquent after only 2 months, they're either facing sudden life changes or you did not properly screen them to begin with.

Hey @Mordechai Chaimovitz - It sounds like you are talking about Chicago's NW side because there are definitely tons of areas in Chicago where a 2 flat can cashflow well.I know for me buying on the nw side was critical to my personal well-being and life happiness.