"Before borrowing money from a friend, decide which you need most".

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

Very nice to meet you, my friend!

@Paige Corsello...You could call your bank contacts and find out if they are broker friendly.

@Michael James Hamlin I'm a former tax accountant/business consultant turned fix n flipper and investor friendly agent. 

Citrus Heights, my friend.

Chicagoland is extremely tenant friendly so understand that going in. 

I understand why carriers associate Condo/PUD construction with greater liability risk (I am sure being based in Philadelphia, a jury friendly city doesn't help either) but curious which carriers others are finding to price coverage without this exclusion and also price the coverage competitively.This also serves as a reminder to review the coverage when you hire a GC for more substantial or unique construction assignments. 

I found this deal from my friends parents who live directly across the street.

This deal and the one before it came about from networking, building a relationship with my property manager, an investor friendly realtor, and learning what makes a deal a deal.