You could end up paying holding costs like loan interest, property taxes, and maintenance for longer than expected, which can eat into your profits.Then there's the issue of selling for less than you expected.

I have no experience estimating rehab costs and I know costs have drastically changed since books like J Scott's were released. 

Not sure about the second rule you mentioned.1%, and 35% operational cost are the two rules you are using. 

I have an opportunity with an investor willing to invest in my rental business for another potential rental.

Also, at a much lower cost than many of the national "guru" courses.

Instead of thinking everyone is n00bs, think of everyone as a potential partnership or source of marketing so that you can help them with the things you are great at, renovation, etc and they can find you the deal that you keep trying to find.

I hear there's a lot of potential to make some great deals as a buyer/investor on homes in Chicago because of the significant net population loss over the last 2 years. 

Lower cost of funds at higher LTV than bringing in investorsWith the right SBA lender, you can close within 30 to 45 daysBetter fixed rate pricing with 504 program than traditionally bank financingGenerally more flexible underwriting with SBA 7a, and the right SBA lender

And it's so simple to apply for the EIN that it's worth that minimal effort to avoid the potential bank hassles.I found that US Bank is fine with the SLLCs but just depends on who you're speaking with.

That’s a great approach—sometimes slow and steady is the best way to go, especially when it comes to managing costs and avoiding unnecessary debt.