I would strongly suggest consulting with your tax advisory. 

The only thing is that I lack a strong established history in credit.

But their is no formal written commitment, it's only verbal.

Both are financially strong ( all of our investors are accredited) and have other relationships with the banks.There are also some smallish private equity funds that will lend at interest rates in the 8-9% range on portfolios of notes, minimum loan size starts at $1,000,000 with 60% max LTV.In both instances the lenders want to see the quality and performance of the underlying notes being used as collateral.

I strongly suggest that you check the state and local laws before buying it.

I assume last year to this year but the lender who sent it to me did not specify.Here is another map showing the hottest seller's markets across the country (Vegas being one of the top rated sellers markets.)The map depicts each state's real estate market on a scale from very weak seller's market to strong seller's market. 

No one has a crystal ball though so it is difficult to predict further than say 12 months or so (which still look strong).

We tell her to file with renters insurance, which is strongly encouraged by lease but not required.

This a bit tricky but some of the banks will allow you to lock the rate and at the same time you are not committed to the close with them so you have your best term loan and a backup bank incase the first one does not fund your loan at the last minute.

so the market is pretty strong...so how is it that there are so many multi family buildings like that around what looks like to be good C+ and B areas but they stay on the market for months at the time...Is there something about Chicago laws ( other than the high taxes ) that i am missing and everyone knows about, so they dont "bite"?