If you are writing a book with a motive of attracting investors to your venture I suppose you have to say that what you are doing is different than what the other guys are doing.In either case money is raised from passive investors to invest in real estate to be acquired and managed by the investment sponsor.  

@Matt Shields, right now 6700 new units are being built in South Baltimore alone, crime is down this year, and the only reason why Baltimore is losing people is because the biggest voucher program in Baltimore called MBQ is forcing all new voucher holders to rent in opportunity areas, ie towns outside the city in Baltimore County areas with low crime, low unemployment, ie really nice areas where houses sell for 300K. 

This is your protection to insure you do not lose a month having to find a new tenant when they bail at the last minute.

I've been a longtime lurker, but this is my first venture and post, really need help/advice.I've been under contract to purchase a 2 flat in the Jeff/Portage Park neighborhood of Chicago, it was a not approved short sale (we have now received approval, we have 30 days from today to close)It's a standard 2 unit masonry home, with finished basement with an illegal unit, and a recently renovated one unit, other has original finishes w/ new carpet. ~1000 sqft each unit 2br 1ba.

I still have not zeroed in on the market that I want to venture into.

I do not want to lose this deal that's why I want to start looking for a private lender in Pennsylvania. but I have no idea where to start what should I be looking for.

The stuff you here about tax deeds being risky is BS from realtors because they are losing you as a client...

. $100k gain right now is tax free, If you simply sell.....you’ll lose that if you redevelop it.Builders know how to do this, and their cost for doing it themselves will be much lower than yours.  

In order to prepare for our joint venture I am doing a live-in-flip in Rhode Island were my current job is.

I don't believe in holding a rental property than loses money each month.