Plus, for the houses themselves, walk through and formal inspection will be part of due diligence.

Nothing says the numbers are guesses more than not being written down and formalized. 

I would recommend getting formally  pre approved  with a lender  for  the  4 plex  purchase scenario  to make sure that you can qualify and to  confirm that loan terms are ones you can  work with ...doing this  will also  make you more familiar with the  figures  ...if you don't  buy for awhile - that's  fine ...you can return to the  file when  you are  ready  or  get a new file  established down the road  …...if you locate a property you want to offer on - you will be ready

This post is to finally and formally introduce myself to the BP world.

@Jonathan Killam this is definitely a good idea in theory, and we actually have had a few cases like this where we come up with a payment agreement, but we do it as a formal stipulation agreement documented in court during the eviction hearing so that it is formally documented.

Illinois being an attorney driven state makes purchasing pre-foreclosures more lucrative than in other states, because you have the opportunity to get it during the judicial foreclosure stage, the sheriff's sale stage and then again during the auction stage. 

I would think that would be a big negative for many.The only place I see big revisions like this is in more expensive houses...often the mid-century type in North Dallas where there was formal living that many won't use any more...so people knock down a wall and open up the kitchen.If this house is in the older part of Mckinney East of 75....what is your target market for end user? 

Someone once said, "with your formal education you can make a living but with your informal education you can make a fortune". 

My concern with the multiple LLCs whether as regular LLCs or in the Master/Series LLC setup, is the formalities that need to be followed in order to protect all your LLCs (i.e. ensuring no one can pierce the corporate veil).

Do you have any idea if they resident has the ability/desire to purchase the property or if this is a formality?