Think of the land trust saying yes, I own the property but it is "In care of: John Doe""Illinois Land TrustIn Illinois, and in five other states, legislation has been enacted that creates a special type of trust, commonly referred to as an "Illinois Land Trust".

You could bring in a money partner to stabilize but getting something is better than losing it and getting nothing.You could also look at selling to a land holder or a developer for cash to tear it down and rebuild something better.You can also approach your bank and explain your repair situation and see if they will help with the repairs to protect from a default and huge loss.Some small banks will do this sometimes.To the big banks for the most part you are just a number and a loan that has to be worked through.A HML loan will eat you up and I don't recommend that.A regular lender will not touch a property like that.

And wasn’t it the sub-prime loans coming from the “banks” and not “private money lenders” that are the risky loans the Bureau is referring to?

This was a key detail that the agent should have updated immediately Just remember for future reference to get everything in writing.

Service magic is yet another.I agree with Ibrahim S regarding recommendations / references, but sometimes you can't get a referral and have to make choices in some other way.

You could refer her to your lawyer if she needs help.2) Evict everyone.

So, I'm getting ready to hire some contractors, not sure if they are license or not, some of the contractors were refer to me by realtors, and friends.How do you handle insurance should something happen to one of them?

Could I put the deal under contract, and assign it to a buyer just like a regular wholesale deal?

I'm now trying to finance the property to take as much cash as possible out, but my mortgage broker is telling me that because I don't have a regular job I won't be able to get the mortgage.

Can it be structured in such a way that the contract for purchase of the LLC references a separate contract for purchase of the property itself?