Our best use for the property would be to build a couple of large estate home (8k sq' and up) and form a private estate, but, being that we are in the County with no existing zoning requirements, we could also build what we want and potentially turn it into an income generating property.

Good to hear... i'm factoring in an 8% vacancy rate in my per forma, hopefully will accommodate any loss expected .

So many people gloss over properties before truly evaluating their pro forma rent.Also, I think it's a great point about this strategy working in higher rent/gentrification areas of Chicago..it seems counterintuitive.

Something that confuses a lot of people is they think these calls from companies are a form a rental arbitrage.

With that said, you have a lot to learn before you need to form a partnership and start the wheels on that.

They offered to provide projections or a pro-forma.

It was not form a low credit score.

I'm not into Sub2.In MN when using the SOS "fast-file" online system to form a LLC it states, CLEARLY but often missed by people, Single member LLC's are a disregarded entity and legally held as sole proprietor for all legal purposes.

Happy to take a look at your pro forma if that would help.

@Chris RagerAre you looking to form a single-member LLC or a multi-member LLC?