Lastly more to my point - I thought you worked for a MF syndication in the past that I was not sure but wanted to mention and that you are not just someone coming off the street having never been involved in a deal (unlike a lot of others).  

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

Building homes always comes with surprises but the best part is that our clients don't feel any of that.

My #1 fear going into this was partying guests disturbing neighbors and damaging the property.

We currently accept rent from tenants using a variety of 3rd party apps-Cashapp, Venmo, Zelle but are moving away from accepting payments in our individual names and want to start accepting payments directly to the LLC/business accounts, but LLC accounts do not accept Zelle and there is a fee for using business accounts on Venmo.

It’s also important to consider if the work involved aligns with your lifestyle and goals.

When you’re confident in your numbers, you can negotiate with clarity and avoid being swayed by emotions.Understand the Other Party’s MotivationEvery seller has a reason for selling.

@Michael Beirne Lower priced markets such as Baltimore are very difficult to operate in utilizing entirely 3rd party support.

We both knew we were aligned in our goals and had a clear understanding of our respective roles in the deal from the outset.If seller financing is part of the equation, look for someone who’s not only experienced with creative financing but also understands how to manage the potential risks involved.

Since joining this club I have a new attitude at work and have received a promotion every year since I have been involved and closed some deals on the side.