I didn't have much money, and not much experience but I used my background in finance to put together a syndication and buy an old office building and drive thru on .59 acres with the purpose of developing housing.My passion was creating housing in a city with under 2% vacancy and skyrocketing housing costs.

They saved up money.

I wouldn't care who buys my property, I want to net the most amount of money in the shortest amount of time.

So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000. 

It really makes a difference when you use pros that specialize in REI and how they can help your money work for you. 

It would be wise to rectify it before transfer of title so your starting off clean and hopefully won't have any issues when you go to sell down the road. 

Marie Poe and James Wise.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

I work in WA, not IL.Sounds like similar facts - you need to be licensed if you are going to manage other folks' property.Here, you need to hang your license under a managing broker until you can get your managing brokers license, as brokers can't touch money and do a few other things legally.If it's like WA, you will have to hang your license under a managing broker at a brokerage, and coordinate deposits, contracts, fees with them.If that is the case, ask some brokerages that will allow you to hang your license under them for minimal fees in order to be compliant.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.