I joined a few days ago and everyone seems extremely nice.

Being willing to ACT on those ideas.Yes the Chicago Landlord Tenant Ordinance is extremely strict on landlords.

Don't mess with installment contracts on this, as mentioned, use a note and deed of trust and buy it.

Prepare for a long, painful (or expensive) process - Chicago is extremely tenant friendly, as I'm sure you know.Good luckLarry

Buying on terms/ controlling properties: - Sub2 - Sub2 and Land Trust - Wrap - AITD - Lease Purchase (you must buy later) - Lease Option (you dont have to buy later) - Master Lease - Master Lease with Option - Contract for Deed - Installment Sale - Private First Mortgage on Free and Clear Properties - FROR - First Right of Refusal - Land Trust and Selling the Beneficial Interest to the Home Buyer - Buying Property but giving a Life Estate to Occupant There are more of these types.

We were going to both invest $50k and split 50/50 on the profits on that triplex, which would have brought us both about $300-$400 / mo profit after costs.I want to trust him, but I also want to safeguard against anything going wrong.My goals are to simply buy property, both Multi-Family Units and SFR's, and create a passive income stream to help me with my goals of going back to school and creating something bigger with my life.Any advice is greatly appreciated!

It's extremely important to have the field experience.

Choose OK to open this file only if you are sure it is from a trusted source."

A mortgage just to reduce liability is an extremely poor practice.

Having more options is a good thingHe and his partner has since set up shop in OH and have found the margins to be better and risk reduced and ability to turnover more houses a year Lots of additional contact in AZ included trusted Mortgage Broker, and Auction contact that we are in contact with as needed Main problem as mentioned in finding enough cash to invest in the Bay area Also I feel in the Bay Area you have to bank on appreciation rather than finding something that has a good cash flow of can be flipped for a profit.