The state doesn’t have rent control laws, but landlords are prohibited from collecting more than one month’s rent for security deposits.

We started looking at coaching programs and some of these things just seem ridiculous at 20-40 grand, and some seem more like life coaching programs as opposed to real estate programs. we don't want to syndicate we really would just like to find someone that we can bounce deals / ideas off of and have them assist in underwriting and giving us a better sense of security that we are doing the right thing.

So get the lay of the land but always rely on a local market expert to help guide you.First let’s get a basic handle on the Kansas City metropolitan area.

Sears, same story, go back some years and ask a "stock expert" the risks of investing in Sears and they'd laugh at you for such a "dumb question".....   

It's better to pay more, knowing you have something secured versus cheaping out and not even closing. 

As Sean Wagner mentioned, the city of Chicago has adopted their own regulations on charging what's commonly referred to as a "security deposit" you need to do it another way. 

I'm a very analytical person who won't start a new venture without first gaining a solid understanding, establishing the right framework and connections, and ensuring that I'm securing a great deal.

But after an exchange - sign the purchase documents with one pen and pick up another pen to sign the refi docs :)Another strategy you could consider is reinvesting into multiple properties, where you purchase the first property cash (ensures some security and concentrates the equity) and the second property with a mortgage.

For added security, consider umbrella insurance alongside the LLC. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.