You will both learn that there is more to a safe loan than a note and deed of trust.In no order, typical loan documents will include: NoteDeed-of-TrustPurchase Contract and escrow instructions to confirm your deal and the associated deadlines you and your lender will have to meet.Preliminary Title Report, which you and your lender should learn to read to understand all liens against the property.Personal Guarantee (You do want to protect your lender don't you?)

That is fine if you understand that is road you are going down.

From what I understand so far is the steps below:1) The rules and procedures are exactly the same for all counties in IL as it is a state law and does not change from county to county. 

I understand that location is super nuanced, but before delving in on a micro scale I wanted to know what the big overall picture is in your Opinion!

@Avishai Segal just make sure you understand the Property Class you are investing in, so your performance expectations are aligned with the Property Class.

For example, I lived in the past in Arizona, so when I do my taxes I print 2 copies, and send one copy to the IRS (the Feds) and the second copy to the local IRS (the Arizona IRS, which is called Arizona Department of Revenue, if I remember correctly)Since I moved to Florida last year, my understanding I dont have to send anything to the Florida IRS (if there is an institution like that), I should only send a copy to the IRS (the Feds), correct?

To really get a understanding of the situation..

Considering an inherited property in Los Angeles that could be rented for $6,000-7,000 monthly, and with monthly trips to Phoenix amid a child custody battle, I'm interested in understanding the current state of the Phoenix house hacking market.If you have insights, experiences, or trends to share regarding house hacking in Phoenix, I would greatly appreciate your input.

Understand Construction cost. 

I understand that investing requires some level of risk, but I've heard horror stories, and I REALLY don't want to make any stupid mistakes that will send me to the poor house.Because I don't yet have any experience, I'm wondering if I should invest in some kind of training program?