So by being more sophisticated or having more tools in your toolbox you are never in a race.

It is considered a credit transaction (in Illinois and 17 other states) and thus requires a Mortgage Banking License and an MLO on the payroll to be legal.

I'm looking forward to having another sophisticated investor nearby to learn from and work with :)I was thinking we begin our first meet-up midway through January on Wednesday the 14th.

This is a great question and something that makes a large difference in payroll expenses.  

You deal, as I understand it, with private investors and investors, they may not be as sophisticated in their dealings.

However, I know that the engineer I hired planned some pretty sophisticated repair work on existing buildings.  

I will be living in a unit I know the other rents will cover the mortgage of the place but if need be how would I take money to pay myself let's say for groceries or something like that do I put myself in payroll?

Also be ready to take on the payroll expense.  

It is a little sophisticated and you need a reputation, to impress investors.

Do you people even know that just for living in the city you have to pay a payroll tax on top of state and fed?