I have be pre approved with a bank at 25% down.

Our goal is to eventually create enough monthly cash flow through rental properties to quite our jobs so we can travel and enjoy time with friends and family.  

I have spoken to several banks in the local Chicago area about loans for LLCs. 

Make sure they are capabile of cleaning up and getting a bank mortgage.  

I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

Would it be worth it to visit GA and try to deal with banks there as an out of state investor, or just go through Chase or a large national Bank?

Please PM me with that bank and the loan officer's favorite brand of Scotch.With a 4.25% rate your P&I is going to be $807/ month, bringing your monthly expenses to $1638 and your cashflow to $62/month.Based on these numbers this is not a good deal.

While I enjoy it there as well it may be worth considering finding a market that is more within range of what you need that has the jobs you want and to move yourself.

Scotty Lindley and Anthony Sandoval who are now with First National Bank Albany/Breckinridge were the bankers involved.

Essentially your LLC has become the bank/hard money lender/etc.