You could be asking for life-changing amount of money from your investor so you should be fair and ensure he or she is well educated about the risks and understands the lending process in the state of the loan.Good luck, Marco.

I understand your logic related to the property not being in the LLC, but it still serve a purpose.   

I want to obtain the best understanding of a real estate investment business I can, so I greatly appreciate any information, and advice that is offered, thank you for your time.

In the realm of finance, understanding the intricacies of various loan options is paramount for both borrowers and lenders alike.

Understanding the potential value of your property you can then start researching the potential for doing a HELOC & know how much you can pull out of the property to support the strategy of purchasing another home for either a flip or a rental4.

Then you sell your units and the tax liability is left behind with the reit, as I understand.  

I understand 100%.

While purchasing a home and renting rooms is nice- you learn absolutely nothing about evaluating an investment opportunity; vetting a potential partner, understanding what it takes to do a successful flip......  

I have already secured renters and am very excited to get started.Regarding the Chicago market, I have come to understand that there is an abundance of multi-family properties, but it is important to note the property taxes outside the city limits can be very high.

I agree you should take advantage of online resources, listen to podcasts, read books and get out in person to really understand your market.