Hey BP, I have a family member in my community who's planning on leaving their property in a few months due to work commute and affordability. The loan currently has a modification, and at this point they’re intereste...

@Michael MattinglyRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

But, I am thinking about house hacking in the near future and renting out by the room.

There is also no open house for this property, I would have to buy it sight unseen. 

I *think* I'd like to set up an LLC to house the STRs, but I'm struggling on the implications of single-member vs multi-member.

Not only will it have a negative effect on landlords, I would imagine some owners of single family homes will choose to sell to an owner-buyer, thus reducing the number of rental properties on the market, making it more difficult for renters to find places to rent.

Like you said in the post, if you can complete the houses, you can rent them out, but that leads to the next question, Do they cash flow? 

Hello Chicago BP Community,Back in 2021, I came on the Chicago forum and received some phenomenal input and contacts that led me to my first house hack in 2022.

As the PM you are stuck between the owner and the tenant and both have conflicting ideas on how money should be spent (or not spent).

Purchase price: $850,000 Cash invested: $140,000 Sale price: $1,476,500 Source: Cold Call, direct to sellerProduct: 12 unit multi familyPurchase: $850k, owner financeLoan 1$250k first position loan (down payment to seller)2 yr balloon, 12% interest onlyLoan 2$600k second position seller finance3yr balloon, 0% interest, 30 yr am, 8 month deferred paymentsThree 4 unit buildings.