It is slowly rotting and needs significant repairs to get it prepared to sell to a typical home buyer for a primary residence.

Not going to give here a lecture on S-corps, but take my word: no benefits, only extra hassle and extra cost, such as preparing another tax return.

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.

You'll also want to make sure you have your full team ready so you can be prepared when the right deal comes along. 

Now that Steve has provided you with the right places to look, you will be even more prepared in your vetting the next time.

However if you have no credit history in the US, be prepared to put at least 30-35% down at a higher rate. 

I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

Lower taxes, no POS and lead testing. 

The model opens a pool of possibilities for owners who are prepared to hold and manage the property long-term.

- The management company keeps track of finances and offers reports to the owners that are prepared for their accountants for tax filing.- The owner has full ownership and control of the property and can make all decisions such as when to sell, or may decide to operate the property according to their own wishes even if those wishes are against the recommendations of the property management company.