Hey OfgiftI just gotta ask-Is that a bear or a dog biking with you?

Here in Chicago we have a group of fund managers that I hang out with a couple times a month (its a "braintrust" kindof thing we all shoot the shi* and have drinks) - its kindof like a support group.

Some areas of Maplewood are not the best, white bear avenue comes to mind.

And I hope you never need it but the use a LLC is the bear minimum so do not get cheap, just do it.

Hi Terry, I'm looking to do the same thing in Chicago.

I don't mind it the way it is because it is in a non-interest bearing account, so I don't have to report any interest income, but I want to protect the others in case something should happen to me, And at the same time, I need to be protected.

Some lenders can be legit that you have worked with before but are using a new loan product that goes south OR they are touting 100% and just taking DD fees.They could also hold money in escrow and drag out the loan and not spell out in the LOI who gets interest off the account.Put money in interest bearing account and string you out and keep the returns and hand the money back.The sad part is there are many scams and not many true lenders.Have your attorney hold any funds.It's easy for a lender to say anything when they already are getting the money.

I'm no legal expert and this is not legal advice but it's your property and you can charge whatever you want or what the market will bear.

The problem is, I currently rent and don't foresee that changing in the near future (Chicago is not the best bang for your buck at the moment!).  

I'm originally from Chicago and I currently own a unit in the West Loop there.