Well, in my opinion, the bank is legally obliged to monitor such transactions and to report them if necessary.

I will continue to monitor these forums for local meetups @John Warren while also checking on the Straight Up Chicago Investor's Podcast. 

On the city's brochure, there's no indication as how these escrow accounts will be set up and who will monitor and control them. 

As a new investor, I like the idea of purchasing a duplex to owner-occupy and ease into this new world of landlording, but it seems VERY difficult to find properties that meet these criteria.I have been monitoring the local market by identifying properties that I would be interested in purchasing (based on area, size, price, etc.) and recording their sale price and monthly rental income.2% ruleI'm finding that the range of monthly rental income/purchase price is around .61-.78%, which is much lower than the recommended 2%.

Over the next few years, in my opinion, wholesaling with be inclusive an monitored by each states commision.

And in monitoring multifamily sales, it seems properties are going under contract within days of being listed with multiple offers being a common scenario.

If the latter, how do you monitor?

Check though, to see if it can be substituted with a monitored fire alarm system.  

Why don't then the mortgage company/lenders have someone monitor these tax liens so they can bid when it is time of the auction?

Myself, as well as many dozens of other investors continually monitor the market looking for any sort of deal (and this doesn't count the large number of rich parents willing to pay retail for a college home for their kids).