This could be a great opportunity to subsequently create some business for one another.

Subsequent notices have showed that he has also retained a attorney to fight the foreclosure.

Thereafter, all rentals shall be paid in advance on or before the FIRST day of each subsequent Payment Period for the duration of the tenancy.Emphasis above is mine.

And, are you seeing 5% down for subsequent owner occupant purchases?

@Patricia Miller,Yes , I  had the general concept , but was  not sure how to implement it, so as to remain compliant and not violate any of the rules of the IRS that would have subsequently have raised flags.I  am going in to it now with the knowledge that I am compliant and fully aware of how i can now structure my deals to grow my business unhindered.Will most certainly share my experiences as I go along others can now be encouraged to do likewise.Regards.

An assignment of collateral can reduce the loan to value of your new or subsequent loans. 

And of course, by borrowing close to 100% for each subsequent property will REALLY eat into your LTV Ratio!...

After a lot of contemplation, I've decided forming an LLC would be best for my business.My original plan was to name my LLC: Peracca Enterprises, LLC, and file a DBA for Chicago Home Buyers.

It seems as if the current state of the real estate market here calls for a bit more creativity on the part of the enterprising investor. 

It appears you had several anomalies last year, but if you have several anomalies in a single year, it's not unreasonable to assume that they aren't really anomalies and you'll experience other similar income/expense fluctuations in subsequent years.