Almost daily I see properties posted in the BP Marketplace and many other REI platforms with terrible deals and a ton of people asking for additional information or expressing interest to buy, and when you look at the profile of the interested party, it's a new investor trying to accumulate doors quickly regardless of how bad the deal is.I don't blame the scammer alone, I also blame the scammed for investing while uniformed.

3) Is it easier simply to have both parties (private lender and myself go on the contract)? 

Basically, if they are "materially damaging" the property or blatantly violating a specific term of the lease (such as if the lease says no drug use but they are using the property for regular drug parties for the entire neighborhood). 

Learn from someone else's mistakes, don't reinvent the wheel, etc.My goal for my first deal is to financially partner on a flip with someone who has some successful rehabs under their belt so I can be involved in a deal, see firsthand all of the stages of the process, and learn the basics from someone with some proven experience. 

This part I don't quite understand.

So yes, rehab dollars will be involved. 

I think the key part I want to clarify is that the existing tenant was still under a rental contract for 2 days after we closed on the house. 

In IL each party is represented by a lawyer. 

Put a clause in your leases going forward about what can be flushed and cannot and chalk it up to a lesson learned for all involved.

If it’s a third party PM you’ll get a nice PDF of detailed expenses.