I have an associate who would like me to invest in HIS project, which I've never done - I've always been the developer, not the lender. 

There are still rules that need to be developed, but based on this being in Cook County, I highly doubt those rules will favor landlords in any way.Now on to my opinion soapbox.

Again, something to understand as you develop your strategy. 

I found a deal where new development is happening, $250k homes are selling on a street where properties right next door are valued at $50k.

As an example, if you like short term, high risk, with the chance of higher returns, you may want to invest in a development project or MH bridge debt.

You can always develop your own, buy why not take what has already been used multiple times and has been legally tested.  

I am not buying, buying, buying, so the changes come with appreciation (which are pretty good, since I've been buying next to developments). 

My sharing openly and honestly about who I am, my club members have come to appreciate the vulnerability I share and it develops a sense of trust and intimacy in a relationship.

Or I suppose I could pay it off with the HELOC and consolidate...if the numbers work of course.as one who has created a few LID's in the past as a developer.. we did those through different types of Bonds which are then attached to your tax bill .. in CA they are mello Roos  1915 act.. etc etc.. these have to do with selling in the secondary market and if the county backs them or not if the owner does not pay.Any way way back in the day these bonds were written at 8 to 12% interest.. yield for the note investors.. 

Trying to develop something before it hits the market is a current strategy.