The MIBOR form is copyrighted and strictly monitored for those who are not authorized and granted permission to use.

Monitoring as well.

Ideally, I'd like to start off with purchasing a light fixer so that I can force a bit of equity but am also a bit hesitant on this strategy given that I won't be able to 'closely' monitor any rehab work being done to the property.   

Also parks and recreation infrastructure i.e on the West Side you can find better value and by Lincoln Park you can't go wrong.

Temporary Income Tax Reg defines investor activities as follows:For purposes of this paragraph (f)(2)(ii), work done by an individual in the individual's capacity as an investor in an activity includes—(1) Studying and reviewing financial statements or reports on operations of the activity;(2) Preparing or compiling summaries or analyses of the finances or operations of the activity for the individual's own use; and(3) Monitoring the finances or operations of the activity in a non-managerial capacity.

There are still deals like this to be found in the D - if you live IN or CLOSE to the property to monitor the tenants and thieves during rehab you're good.

Also what software do you use to monitor that they are working? 

They have live monitoring for only 25/month.

And it let's you take advantage for a while longer of the support infrastructure you've put together out there. 

Once you have established and built good business credit, be sure to monitor and protect it, just as you do with your personal credit.