My advice is good advice, but it's common that most people new to wholesaling still think they are going to make a mil in a year and only want to hear the good stuff.

@Paul AzadI have no idea how their funds are doing but in speaking with people in the space several GP’s are trying to push a fund right now to survive the next 3-5 years and raise capital before they lose most of the LP’s funds as once that happens raising $ will be near impossible I am not saying this is the case in this instance and cannot comment on the above, just sharing some common industry knowledge on what some are doing

As Sean Wagner mentioned, the city of Chicago has adopted their own regulations on charging what's commonly referred to as a "security deposit" you need to do it another way. 

As in the common rent for properties of the same size that you can put a box around on a map. 

On the house hack, you can divide common expenses by square footage or bedrooms, whichever is more advantageous. 

Very common for most of today's gurus to utilize these types of subterranean creatures. 

What's common practice?

@Raj Vardhan, in my limited experiences, 6 or 12 month seasoning is common if you want to borrow based on new appraised value.  

To make the job flow easier, but also (mainly) to protect myself if a customer changed their mind later ( which was common).

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