Currently my parents purchased a house in 2001 that has a $250,000 mortgage in which $180,000 of it is paid off.

We bought the property below market value, the property came with stable, long term tenants, and we had parents willing to help us out short term if things went poorly.

Facts can be swung one way or the other.I never even thought about the fact that being too parenting over the dog without training it could lead to this but that’s absolutely true.

Their deceased parent had allowed Medicaid to place a lien on the home.

We purchased the house to live in after spending 6 months living with my parents after moving home from out of state.

Also i would be quite clear with the other two tenants they should call the police or child services if needed and call the PM if they see anything like extensions to the basement. 

I've been told the smaller banks are much better to work with for CRE loans.Called my contact at Chase and she said they have zero appetite for commercial loans at this time.Regarding an LLC, my best bet may be to form a parent LLC and then for each property I acquire, create a subsidiary LLC to take ownership.

In Quebec you can't evict tenants easily, the only way to do so that I know is if you retake the unit to live in it or for your parents/siblings.

So much disrespect thrown out towards Chicago and specifically the South Side of the city, I hope the numbers will change a few minds.In the words of a local developer I highly respect Leon Walker "the difference between Gentrification and Venture Development is INTENT” http://www.dl3realty.com/venturedevelopmentIf you are not in the City, you may not know there is a tremendous resurgence happening on the South Side of Chicago.As a native of Brooklyn, if you would have told me my neighborhood as a child in the 80s (Bushwick, Brooklyn, NY) would have turned into Million Dollar homes a on every block I would have laughed at you.

I still live at home with my parents and have no legitimate bills other than a gym membership and phone bill, so I am able to save approximately $2k each month.