So, I'd definitely recommend perusing through both areas when you get the chance (although you may want to stay away from the the 'LLC vs no LLC' discussion from earlier today, it went from educated discussion to war zone fairly quickly). 

I'd inly do this if it was a super bargain deal and the risk made sense.

I imagine some areas of Chicago are fairly affordable.

I calculated the interest at 10% and informed the parents that the day after we close, they owe their kids that college fund money back WITH INTEREST (I think that's fair, do you?

There is not set rule on how much a wholesaler can charge since they are not licensed :) but I would say $5K is more fair for that price point. 

He runs comps and tells me a price the house is probably worth, which in my opinion aren't fair comps because the houses I am looking at are in bad shape and cash only.  

The domestic LLC would become a member of the Special Purpose Vehicle entity that is formed in Nigeria.It is going to be a fairly small raise, max $500k. 

Then we purchased our first rental in the Austin area and it is cash flow positive and gained equity in it fairly quickly.

If that is the case, look into the ROBS 401(k) which will allow you to finance a real estate operating company with your retirement funds tax and penalty free can also draw a fair salary. 

Hi BP,I am a fairly new REI and I am interested in hearing ways through which you all raised capital for down payments on multi-family houses.