Does this thread help..see whole threadhttps://www.biggerpockets.com/forums/93/topics/931120-lookin...

Think of this as a more extreme version of the income shares model.

You’ve recognized you need outside help raising capital.  

1) Make sure STR is allowed. 2) Get more and the correct forms of insurance to go with your umbrella policy. 3) Skip the LLC. 

It was a great first project, I had some old friends reach out that were losing their house and I helped them get out from under the PML, bought the house and helped them repair their credit, got a contractor I knew that lived around the corner help me do a full gut rehab and put in about 1,500 hrs of my own labor into it.

The info you provided already is very helpful!

Please help.

Is there any flat fee lawyer in Chicago that can help me file this?

We currently are building a SF with the financial help of a family member.

new to this and just looking for some advice guess i really i don't no where to start so any advice is appreciated bought my first house in may and thing seem to be going well so far its more of a boarding house / house hacking roommate situation with people i know for the moment plan on doing some things to up the equity but am limited on funds i know the neighbors house just sold for a bit more then i paid for mine so that's a plus and mine is nicer and in better shape i have almost no debt for the most part except the current mortgage on said house don't make much from my day job less then 3k a month after taxes and have good credit. i guess i just really need to know where to start should i be starting a LLC or something similar?