@Polat Caglayan The majority of investors who become involved in the section 8 program do so because they purchase lousy real estate and leasing the units to section 8 tenants is the best option on the table.

I'm feeling that I am being milked and preparing to get my attorney involved if we don't settle this soon.

With regard to the proximity to the beach, I tend to have a beach distance of 15 min or 5 mile rule, whichever is less. 

That is the true value of participating in things like this that are a bit more involved. 

This is a beautiful house - rehabbed/looking new and fresh - walking distance to the water etc, yet low gross yield  compared to Byrd (???)

And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

Sounded like there was heavy paperwork involved.  

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

For example, you might agree to a 70/30 or 60/40 split, depending on his level of involvement.