But, turns out you can only spend 50% of the house assessed value on rehab, else you trigger federal regulations around the work.  

So I am moving to a new area and will be looking for new banks to work with- I know I want a local bank that can work my situation vice something that fits into the Federal cookie cutter system. 

I know there are Federal and State subsidies for this.

The MLS or State contract as you put it, has probably been vetted by board of realtor attorneys and offers protections for both the buyer and seller and conforms to state and federal law. 2.

I never think sale-leaseback is a good idea, you don't want to problem with the federal authoritiesI would buy it at a reasonable price and rent out to someone else or rented out to the former owner@Bill Gulley  may have other thoughts

The other concern is that a partnership LLC as you describe would need to file a partnership tax return at the state and federal level. 

You can't count on getting rebates in the future in any state or federal program.

Inventory is actually less than 30 days for the most popular square footages (and that's the lowest inventory we've seen in quite some time).  

Most of my research takes place late at night after I get off work, I like to use a mix of different sites to get a conscience of opinions on an area, popular types of properties, average costs, amenities, etc.  

Throw in the Federal Reserve raising interest rates while these tax hikes and cuts occur and Chicago's and Illinois' real estate bubble may pop in a fantastic way.Sorry about this rant....but the risk of a property tax spike in every community in Illinois is very, very real.