Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

If you were not purchasing with hard money, and had the option of putting it in an LLC, I would. 

You open yourself up to too much liability.1.

Hi was was wondering if anyone here in Chicago or surrounding areas have purchased from the cook county land bank and if so what kind of loan did u get if any to buy and fix it up or develop a property any info would be very helpful thanks

Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

Even if their pay doesn't increase this is a small enough change for most tenants to adjust to within their budget especially if they come to expect it with their next lease renewal. 5. 1-3% annual increases might not keep up with rent price increases in the short run.

The seller originally agreed to fix the sewer and provide the tuckpointing as a credit.

If you want the deal to be "held" until February, yes.

Thank you for posting!

How is the Belleville, IL area?