I would suggest talking to your lawyer and see what your worst case scenario is if there is no lease or a terrible lease.

Here is more information about IL tax sales. http://flamm.com/illinois-property-tax-lawyers/il-...Good luck!

Regardless of the county issuing the title to me 10 days later is it possible for the previous owner to come after me with a lawyer like 30 days later saying I don't have a legitimate claim to this property despite the county issuing me a title?

You also want to make sure that the leases are State-specific and verified by a lawyer (with the proper terms).

If anyone needs a referral to loan officer, lawyer, real estate agent please inbox me, I am happy to help.

I understand the importance of using a lawyer and accountant to help set up the actual structure, but before wasting time and money on that level, I'd like to get a better understanding of how they would share responsibility for the mortgage.Thanks in advance for any input or feedback from your personal experiences!

I am not a lawyer but this would appear to make the deal legal.

I would assume that those who are seeking a lawyer's advice are more likely to form entities if their lawyer recommends that action.

On the other hand I have consulted a lawyer in the particular state who says these type of loans are subject to the SAFE act and thus require specific licensing. 

@David Krulac  my take on condo's is that in the right setting they are fine.. but when they turtle up they can be a disaster.My son bought one that then had a water intrusion problem that you and I would have fixed for a reasonable amount but the NO nothing HOA board members basically non of them know anything about Real Estate construction or litigation get sucked into litigating the builder from 10 year previous by the Lawyers they hire.. and after half a million to lawyers they lost..