Chicago's such a large city that there will always be an abundance of deals......we just have to find them.  

They are making great efforts to add to the downtown area, I have a good friend who just opened a bouldering gym downtown, and another friend looking into opening a "hip" bookstore/coffee shop.

We can have a call or coffee together to talk more about your plans.

This was our first house which is how it came to be an investment property.Deal: House purchase in 2008 for 650K with 20% downSale would be right around 1.1M with 600-650K equityMy thoughts: Could buy all outside CA but no experience and cashflow would require multiple purchases to make it worthwhile for us. 

You need to be an expert or assemble a team of experts before people will trust you with there capital.

It might be an option for you.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.7.

This could be an LLC jointly owned by the contributors or a Joint Venture agreement, but you'll be thankful for this structuring 5-15 years from now.If you are using OPM to take down a property and you'll be cashing them out, then you don't need a structure like this necessarily -- a promissory note and related instruments can be used and then once the cash-out happens they are paid off and released and you own it pure and simply.

Since a 15% ROI in 4 months would be an annualized 45% return, this return seems commensurate with the workload AND (assuming here) would give Partner 2 insight into the total process. 

If you spend some time talking with them, there may be an opportunity to get them down to 15%.