What I know so far, that the auctions are all cash, as-is, paid amount is to cover delinquent taxes and if there is anything left the 1st mortgage, all other debt (unless it is a government bill) is written off.  

Seems like a waste of everyone's time to report a few bucks, but the government lives off wasted time.

You don't want a property in a Flood Zone as the Government has not solved the unsolvable problem with the increasing cost of Flood.

It seems great but you just never know how high they can get especially with regulations being cut back in the months to come.This is what I recommend.

Hi @John Arendsen Yes I am, there are many issues regarding city regulations that I am analyzing before I can make a final decision whether is a good idea for me or not. 

He was able to quit his government W-2 job with a pension at the age of 31, and he is now traveling the world.

Now the S-corp and LLC are good routes to go with for protection but, with a S-corp can be difficult to form because I taken a accounting class recently and with s-corp are more regulated with striker laws by the IRS. which personal my final verdict goes to LLC because you are a single person in this business if I'm not mistaken which will get the job done with this option.

For questions 1 and 2, which are really the same question: Your tax benefits will be governed by the operating agreement for the syndication. 

"With a few exceptions, the first of which being "Dwelling units in owner-occupied buildings containing six units or less; provided, however, that the provisions of Section 5-12-160 shall apply to every rented dwelling unit in such buildings within the city of Chicago".If not in the Chicago RTLO, how are these properties governed?

I know Allentown and its government is trying extremely hard to revitalize that area.