Bonus if they have experience working with attorney and partnership income as well.

Bonus if they have experience working with attorney and partnership income as well.

There may be other factors that come into play, but that's the high level view.

If you can get that down a percent your CF would go us as well.I'd be curious to know how this plays out for you.  

The clause should explain exactly what happens if the bank defaults and under what conditions the earnest money is returns or not returned.I understand this is all  new to you, but this should be child's play for an attorney.

There are some considerations at play here.

Yes we Landlords want to protect our investment properties but in Chicago your tenants win if you don't play by the rules of tenant rights.

Should I setup the LLC now and do my first deal under the LLC or just play out the first one to test the waters?

I don't purchase properties with the intent to sell, but if that's what you're going for, then that's another added bonus.  

I recommend staying away from bad areas and focusing on somewhere where your long term exit strategy will play out.