When you deal with low income earners in Chicago you deal with nothing but liberal bureaucracy that hates any landlord seen as the "man" holding them down and rich....  

Congrats man 30k is a great payday!

Got it now man..

That's great man. 

Being a CA resident I have read in articles as you reside in CA even if you incorporate out of state you still have to pay $800 fee to state of California for an out of state LLC every year .

Generally there's a separate code, the IEBC, that's incorporated for existing buildings.

This would hopefully allow us to get some working capital then incorporate SFR's buy and hold, then possibly explore multi-units.

Special Assets Departments in Banks are usually manned by people that have been around the block.

Thus, if you buy a fixer-upper/distressed property, understand you'll need to setup your team locally to that area: GET REFERRALS FROM INVESTORS TO SPEED THIS UP... like the title/escrow closing agent, general contractor, handy man, go-to agent, go-to investor/wholesaler, property manager if you need it, etc. 

I remember going up to him and saying hey man, when it comes to cold calling I get nervous sometimes.