Do any investors run background checks on the general partners?

In Toronto an investor would want vacant possession because the rents can be reset to whatever they want based on demand..We only have a cap of 2.2% increase on rents per year.. so assuming the tenants will only realize those gains..You need to understand what the market bears for rental.. if they are already paying market rents and the increases are flexible then there is not much of an issue assuming but I would also get some kinda background reference for each tenant.. you might be assuming a horror tenant..

Technically that is $Cashflow$.

You will need to file partnership tax returns (technically an 'information' return) and the LLC must issue a Schedule K-1 to yourself and your partners.

Quick background on the subject property; To cut to the chase I am interested in a property that is up for auction tomorrow morning that I just found out about through a good friend.

Unless you have plenty of cash and/or a construction background, I would avoid any significant rehab to start out.

My background is in interior design and renovations (6years) with a little of hands on construction under my belt but not that much.

What I want to know is it technically legal to do seller financing when a mortgage is involved?

The two biggest ones that come to mind are the lead laws and the tenant payment laws.MA is making a huge push to be lead safe/free (don't quote me on the technicality of the terms).

I live in Chicago and have a similar background as you, I worked for a big mgmt company in Chicago leasing/managing buildings.