Quote from @V.G Jason: Climate risk is definitely present.

Target prospective homesellers from 2-3 sources and present these opportunities to your network.

UPDATE: Connected with an RE attorney friend and he said Sub2 is not a thing anymore in DE.

Having a mortgage presents an additional hurdle. 

Not sure what state you are, but here your lease wouldn't be "void"  Anything that conflicts with the code would be (landlord-tenant code supersedes leases in DE anyway)I would just say you had them sign an older version of your lease in error and need them on the current one.

But where there are large sums of money present, there is opportunity for decisions to be made that are not in the best interest for the LPs - and given the distance LPs are from a typical investment - you are at the complete mercy of the GPs as to what you know or learn about your investment.  

I took over an hour, on a Sunday,to click a suspicious link in order to look over your property, to learn a little bit more about the West Chicago sub-market, to analyze a deal for a stranger; and to present a rough algorithm for how to analyze the numbers of a deal so that a general process could extrapolated for the next property you consider.

If you don't screen them, then you don't know what kind of risk they present.

You could go into NJ (although the cost to play is high in Northern, but the rents can be very nice), or you could bypass and head into PA near Delaware Water Gap and get low taxes and good renter options.

You presented a perspective I had completely overlooked.Would you still recommend negotiating a lower purchase price vs cashier's check on closing given that we're in a higher income tax bracket and thus capital gains tax could come into play in the future?