Not worried about it, and the FDIC is there if something goes bad. in actually a little worried for you, if you have millions in rent collection per month, so you have sufficient FDIC coverage?

I'm states where e&o is required, it may actually then end up disqualifying you from having a license then.

We business partner and I started at the end of 2018, began with Drive 4 Dollars looking for distressed properties with potential and we actually found an owner who was very interested in our first drive - that deal was our first ever and only ever started on October 2019...a lot of back and forth, a death and renegotiation took place over period.

If you have losses that high then it is worth your money to hire a CPA to prepare your tax return.They are paper losses not actual losses in the bank.What will be an example of passive income that is not real estate rentals.I'm assuming that capital gain from stocks is not included and can't be used to offset real estate losses even though they are passive income?

I have actually REMOVED bedrooms during rehabs to make the end result more desirable turning 3 bedroom units into 2 bedroom to make them more desirable. 

@Phillip Vaughan you could do an actual mortgage + note.

Foreclosure is when the sale actually occurs.

I'm guessing the appraisers for the auction have some sort idea on the condition of the property?

You are actually quite fortunate to be considering buying a multi-unit in Chicago.

I guess because those of us in the industry know how absolutely preposterous those statements are.