I don't buy in Illinois and the format is a bit different than what I'm used to, but it appears that a couple of judgments from other properties are noted.

If there were someway to use that format and , as you said, setup a banking engine, it might make for a good, educational game.

They made the money via the business formation and the success of it.They didn't make the money by buying the equity shares & seeing it grow, they were the equity.That translates to all forms of investing and capitalization in really any field.

That's how it'll work out.For your personal situation, my personal opinion if you and your wife are trying to start up quit getting cute with investing and go buy a really good SFH is a good neighborhood and cherish family formation.

I am looking for guidance on how to handle the first income property as it relates to getting the loan and LLC formation.

We'll get you the answers you need so you can make the best decision on which course is right for you, or perhaps which format (Interactive or Self-Guided).Either way, it's going to be a fun ride.

I am a determined to become a successful real estate investor with an understanding that success in real estate requires continuous learning and adaptation to the everchanging economic environment.In the upcoming months, I will be actively engaging in the formation of a strategic partnership with two to three like-minded individuals, pooling our resources, and vision to embark on a life-changing journey into the world of real estate investing.

Also, be careful of large and local companies upselling you on fancy corporate formations and fancy tax planning packages. 

See Vacant Building Ordinance and registration form at https://ipiweb.cityofchicago.org/VBRCN193029Maintain watchman from 4:00 PM to 8:00 AM for vacant and dangerous residential premises. (13-12-140)CN193019Repair or wreck dangerous and vacant residential premises. (13-8-100, 13-12-125, 13-12-130)CN193000Maintain building in safe condition so it does not constitute actual and imminent danger to public. (13-12-130, 13-8-100, 13-12-120, 13-12-125, 65 ILCS 5/11-31-1) Maintain building windows and doors in safe condition. (13-196-550) Maintain stairway and porch in safe condition. (13-196-570) Maintain floors, walls, and ceilings in safe condition. (13-196-540) Maintain building in safe condition.

That’s the Excel file I tried to post but was unreadable due to the formatting by BP’s website.(4)If you already have an STR, cost seg or not depends on many other factors.