There are too many good opportunities out there to consider buying negative cashflow.Unless you have some people you really trust on the ground, I wouldn't attempt a rehab from out of state.

Okay, here we go: 1) No, you don't need an S Corp, LLC, Trust, or anything like that to get started.

You mentioned a promisorry note but you did not mention a mortgage (or deed of trust) to secure the note.

What kind of budget or cash levels are you guys working with?

I am looking at C level properties and getting all over the map - from 7k to 18.

@Aaron Phillips You will just set up a deed of trust and your title company will file it with the county clerk.

I am looking at split levels in Chicago, but also Skokie, Morton Grove and the close burbs of the city. 

I did several stagings already, but would like to put it into industrial level. do you think there are many people looking for this kind of service?

Add in all the advantages of local investing: market knowledge, no need for PM, easier to deal with issues, less need for trusted team as you have greater oversight, able to house hack including the finance advantages.  

I do however want to express the high level of importance of knowing the crux of the information behind a project which I will touch on shortly.