This is especially true with the tenant friendly laws in Chicago and Cook County which the following pertains to:In your apartment advertisement, don't include any criminal background qualifications/exclusions. 

The verbiage will change, as you are not looking to sell the property, specifically, but the pretty presentation can give you guidance as to what people want to see.In general, you will need your business plan, your budget, existing condition, proposed renovations, stabilized proforma, and background on you/your partner as to how you know what you are doing, especially if you don't already have a track record.

@Fadi TarapolsiI have an IT background as well. 

Background - I currently own 3 rental properties and am looking to scale and get into multi family. 

Neither are technically true.

A brief little background on me: I am 30 years old, originally from Portland, OR but currently stationed at and living on Fort Rucker, AL for Army Flight school.

Any explanation here is just technical and doesn't really tell you how your situation would be.

If you have a friend willing to loan you $200K and doesn't care if they lose money in the deal or you have a background that suggests you've got a higher chance of success than someone with absolutely no experience in real estate then fine.If not, most starting out have a hard time finding private lenders and don't have the time to wait on a bank loan or don't qualify for a smaller down payment.

You can be sued as an agent if you mislead a seller. 2) You have to decide how you feel about the above, now the good reputation side is that some people honestly don't care, and want to go with an option where someone will just take it off their hands as fast as possible.. but as long as you are transparent and honest with them then I know a lot of wholesalers who have integrity and still make an ok amount of money in a transaction for technically being the middle wo/man.

Is it correct that since it is her primary residence, she is exempt up to $250,000 from capital gains tax and the money does not technically have to be put into another property?