They are generally no more than 10 years old, maybe up to 15 years old at the most.

Depending on what he is offering you i searched the address with the secretary of state. 

There are general guidelines but nothing formulaic. 

Owner-occupied commercial properties generally get better interest rates and terms when compared to pure investment properties. 

Unless you are someone who is going to take advantage of the leverage offered in an FHA loan, I am generally in favor of purchasing investment real estate in an LLC.  

It is probably worth your time to connect with BOTH @John Warren and myself since we are both managing brokers, but John is more focused on property management and I am more focused on general contracting, but we are both Chicago investors as well.Oak Park and Lawndale are definitely two different markets.

We have helped a ton of clients with the process here in Chicago..just be sure to find a team (Agent, Lender, HUD Consultant, and General Contractor) that has done these renovation loans in the past!

I use some mixed strategies to go on and off market, but I'm just generally curious what others are doing and finding that works for them?

I wouldn't even have known about this law had I not been on the Secretary OF State's website setting up a new LLC.

Curious to know opinions from real estate agents, flippers, developers and anyone in the know regarding what home buyers generally would prefer.