(He lives in same building as landlord)My concern is I'm reading a lot of scams on how Chicago tenants try to work the system and the landlord is stuck in a battle for months.

@John Merritt You're pretty much keying in on some of my primary concerns.

Being a syndicator means being in the service industry and while everyone loves the investor who hands you $250k and doesn't ask you any questions, more than likely you will have a greater number of investors putting in smaller amounts and they will have more questions/concerns when you're starting out.  

I am concerned with the closing cost since I offered to cover almost all of it.

@John Warren The earnest money is my only concern right now.

This is a straight up sale, there shouldn’t be any concerns about liens/clear title.

I was actually more concerned with him drawing fire towards my property and my tenants and would rather he stayed out of sight instead of aggravating the lady with the gun any further, which is what he did after we talked.

I am also concerned about the 10k cap on state and local taxes (property taxes are well north of that in my area).

I havent asked many questions yet but my biggest concern is that it is the entire down payment.

70 to 75% ltv and as far as the dti is concerned it would be calculated on a full doc loan but there are some stated income refi products out there at a slightly higher rate