We are currently looking to add one or two more rentals to our portfolios in the near future in this area since we know what the rents are and the market is fairly stable.  

Handily smokers are not protected classes in Fair Housing.Again, personally speaking, if some idiot wants to light cigarettes near an oxygen tank they can blow themselves up somewhere else and in someone elses property.

There are no bargains yet so there are no buyers and the owners will try to recoup as much as they can.If this goes on the downward pressure on pricing will increase.

My thinking is that with cash and not having to finance, I'd have some bargaining leverage to get a very good deal.

Right now I'm fairly open to investing anywhere in Chicagoland, however think I'm going to concentrate my investing in the suburbs.

This is going to become "Millennial City," with a fair percentage of retired Boomers for extra community flavor.Another opportunity arising from this rezoning may be found as a result of the new opening of most of the "commercial only" zonings for multi-family and mixed use projects here, with current market prices that don't necessarily reflect the near future.

What is a fair way of splitting the ownership and/or division of profits (from both cash flow, and an eventual sale)??  

@Dustin SalmonI have talked with two lenders about blanket loans, and the both seemed fairly reasonable.  

I am also a fairly new investor, having acquired our (my wife and I) first rental property less than 6 months ago.

So if these 2 factors are fairly similar to some other businesses or investment strategies, #1 They highlight their best successes, #2 they use primarily debt to buy property, then there is really no reason to hate a guru program, unless you also hate the other persons or companies who behave the same way.