The only way to prevent this is some kind of paperwork.Getting a broker's license is not a small task.

Why is it that the state of Illinois can't prevent/prosecute those people and their "bogus ads" before they rip people off?

Most people take this money and essentially throw it away on unnecessary stuff -- electronics, restaurants, vacations, cars, etc.

Just curious what were to happen if the owner whose taxes were sold at the auction filed for BK shortly thereafter.Would that prevent tax lien holder proceed with foreclosing on the property after the redemption period is over?

You need to re-evaluate how you freaking live, and stop being a townie.I am sorry, but I think this was unnecessary.

Title seasoning will prevent me from officially selling the property untill 7/25/2011, however it will go back on the market hopefully by 6/13/2011.

If your corporation is profitable an S-Corp designation should not prevent your getting a credit card, surety bond, or line of credit.

That's why I'm considering putting a clause in my option agreement to prevent this from happening again by protecting my fee for potential tenant buyers that I introduce to the seller.

This will give you a heads up and will prevent the "catastrophic blunder" you mentioned earlier as you will never get a property under contract for more than other investors are willing to pay, thus minimizing the possibility of other investors ignoring your email's once you have a property under contract.

Obviously, I wouldn't want to prevent them obtaining rental items.