IF you were to renovate a non-conforming unit, that unit would now need to be brought up to code.When or if you rent out the unit, you, of course, run the risk of the tenant calling the city and saying the property isn't up to code, which would, in turn, cause an inspection by the city and likely result in some violations that would require you to bring the unit up to code.These types of units are ALL OVER the city of Chicago and be rented out on a daily basis, but there is still clear risk associated with renting them out.

He used a gator lender to put in the money needed to finish the transaction.

I’ve only completed one wholesale transaction before I started flipping.

TIAIf you have an electronic record (bank statement, credit card, accounting software, etc) of the transaction the IRS doesn't require you to keep receipts unless it's a cash (took real paper money out of your pocket) transaction for $75 or more.

The thing that some sellers are having trouble with is understanding that this is now a variable in the transaction where it use to be somewhat set at the beginning of the transaction.

I never run credit so I am curious to know from current lenders that deal with credit daily. 

Perhaps they have E&O insurance, but from the advice I've received, the documents I signed are not normal documents for such transactions.

Will it immediately move to full transaction price, or does this jurisdiction use some sort of flat percentage increase.You should know how frequently the property will be reassessed thereafter.

I've done many deals in real estate but Note transactions was not one.

It is not for use for condominium transactions, new homes being sold by a builder, or farm and ranch properties.