He is marketing it to his extensive list of buyers while I get the offer contract reviewed by a lawyer.

If you have a savvy tenant and you keep the sd and they seek the advice of a lawyer, you could be looking at appearing in court and paying triple damages.  

I am very worried and don't know if I need to get a lawyer involved or what.

I am not a lawyer just an experiment aka jade landlord ;) this is just my experienceas long as the rent is not in a special tax shelter such a self direct Ira, business account or other retirement account you can use the rental money no issues.

I am looking for a good Real Estate and Asset Protection Lawyer Near Chicago, if anyone knows of someone they have used or could recommend I would greatly appreciate it!

I'm not a lawyer and this isn't legal advice just brainstormingIf it is in San Francisco under rent control you would have to do a Tenancy in Common (TIC) but I'm assuming it is in Mountain View or similar which probably wouldn't have that issue.

DISCLAIMER: I am NOT a lawyer but my understanding is LLC's only offer one "layer" of protection and honestly a good insurance policy/commercial insurance policy with an umbrella liability policy will do you more good than an LLC will.

Hard money lenders can't do this, it's written into the securities act, but private lenders…Our real estate lawyer tells us that if taken to court, we'd simply tell the judge we are not evil hard money lenders but simply loan privately.

I will be using seller financing and will need an experienced lawyer to review the note, as well as someone to write an offer letter, etc.Any recommendations on someone in Ft.

Driving for $- Drop a letter to the ugly or vacant house on the pretty blockFSBO- Expired Listings- You'll have to work w/ a realtorPre-Foreclosure- You can buy a list or work w/ a realtorProbate- Find a lawyer who works probatesSherriff SalesTax SalesAbsentee Landlords