This easiest way to buy it would be as an "owner occupant"; however, different banks might have different rules for how long you need to live in the house before selling. 

If you're doing everything in Illinois, your easiest/safest bet is to form an Illinois LLC.However, an LLC may not be needed at this point.

They are the most management intensive and it takes a particular set of personality traits and practices to get any where near what the returns look like on paper.This is another generalization, but the easiest properties to manage, typically have higher values and lower returns.

My house shows up as half of what I paid for it since half the lot is in one town and the other half is in another. 

Here are your choices:A) FED will raise rates once in March, 2016B) FED will raise rates twice in March and June 2016.C) FED will raise rates three times in March, June, and September 2016D) FED will raise rates once in March, once in June, and revert back to QE4 in the second half of the yearE) FED will not raise rates at all in 2016Love to hear what you guys think.

I have always thought to buy from people selling without extensive advertising and to sell through the MLS.Mark http://www.inman.com/2014/03/10/study-suggests-mls-played-little-or-no-role-in-nearly-half-of-2013-home-sales/

It is one of the easiest way to invest in RE, and to make the most for your investment.I wish you the best of luck in your investing.

Eating up half your profits.When you run the numbers again, with all this considered, I think you'll see it's a pass (for me, at least).

I lived in Sac for five years before moving back to SoCal (OC specifically) a year and a half ago. 

Appreciation is about in line with the Canadian average at 2-3%, half of what you would see my or your current markets.