Shane, buying "subject to" in Illinois is possible, but the state has stricter regulations around real estate transactions.

Now, I’m looking at Florida, but it seems like most investors are focused on buying instead of arbitrage.I’m aware of the zoning regulations, but I’m curious—how easy is it to find landlords in Business and Tourist zones who are open to leasing for subleasing?

Taxpayers to the rescue.So Congress passed, and President Bush signed (wow, kinda forgot about Bush until now), the Housing and Economic Recovery Act of 2008 (HERA), which established a new agency (we love creating new federal agencies in this country): the Federal Housing Finance Agency, giving it authority to place regulated entities into conservatorship or receivership.

I’m based in Tampa and run Graystone Investment Group, focusing heavily on helping (out of state) investors find and manage properties here in Florida.Totally agree on the importance of understanding those short-term rental rules in Florida—each area can feel like its own little country with all the different regulations!

I’m looking for insights on which states allow you to list a property on the MLS as soon as you have it under contract—but before actually owning it.I know that some states have strict regulations around wholesaling and marketing equitable interest, while others allow it as long as you disclose your intent.

Seek out local real estate groups to get an idea and network around local regulations.

@Derek SoohooIf you're looking to invest in multifamily properties in Chicago, start by researching different neighborhoods to understand rental demand, property values, and landlord regulations.

Quote from @Tony Lopez: You are in the most regulated corner of the world and have zero experience.

Next is regulations, checking with city to assure it's legal to do. 

More effort should go into enforcing existing permitting laws and cracking down on unpermitted work rather than imposing costly regulations that push property owners into avoidance tactics.If the goal is to improve fire safety in Worcester’s aging multifamily housing stock, the best approach is to encourage full renovations that bring buildings up to modern safety standards—not to place additional financial burdens on responsible owners.