In fact, I hope I have a success story of my own in 8 months after planning, permitting and several bottles of Motrin.

@Ben WinchesterYa got a permit to carry with that name ::))

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

However if your time is spent making mail pieces, you're taking time away from buying houses which is extremely costly.Postage is also much more expensive unless you have a bulk mailing permit.

As for your original question about raising funds from sophisticated investors, there're exemptions permitting it to do via crowdfunding.

Whenever I've done a flip I've always compiled all of my receipts/invoices, HUD1's (purchase/sale), tax docs, permits and any relevant info for that specific flip in a black binder labelled with the address of the property.

Commercial abatement is very likely all that an ins company would permit to qualify you for home insurance, and you would have to disclose that.

Dear BPSo One of the units in my triplex is un-permitted or illegal.  

As i know for me - specific to sfh  I wasnt aware at first that some states require rental permits on sfhs when i first started.  

The City of Chicago conservation department will soon do an interior inspection related to the previous owner's violations so I am not sure that he will even be able to pull a permit until that is done.