The attorney took care of the legal side to get it off of the demo docket while we worked w/ the GC to obtain the permits required for the renovation & then executed the renovation project.While taking a trip to the City of Chicago building department may be educational, I think the best use of your time is coordinating w/ your attorney & your GC.  

I am in West Palm Beach and would recommend finding a multifamily property that you can operate units as a short term rental, as it would have much better potential to positively cash flow and also allow you to buy in nicer neighborhoods.

if you're looking at 1-4 unit properties, don't kill yourself trying to create an LLC just yet. find your lender first then see if they'll require you to close in an LLC or not. single-member LLCs do not provide as much legal protection as we would like to think, so if that's your reasoning for wanting to create one right off the bat, that's just something to consider. as far as a business license, AFTER you close on the property, call the town hall and ask if they want you to have one there bc you're collecting rent there. if you're using a PM company, they will probably say no. :)

Hi BP community,I’m looking to invest in Texas and there’s a new law that the buyer must sign agreement with one realtor company or agent for the potential property. 

This goes back to doing more due diligence - talk to investors who have properties in those areas and to 5 experienced property management companies (instead of just 3) who will tell you what properties are renting for, potential problems, tenant base, etc

It's a great city for some potential long term appreciation. 

Anyway, thank you Account Closed for the info on the legality of it & the potential law suits.

Bottom line… I’d be willing to come in a few thousand dollars more on my offer if it means there’s future potential to earn that much extra in rent each month, and I’m not sure what to do.

I'm going to assume that their lease is either up or month-to-month and you have the legal right to raise rent now.I'd let the tenant know that they don't need to pay the increased rent and are free to move out.

Or is there anyone that would potentially wanna sit down and join my LLC as a lender and we can discuss terms and build a connection and do good business together!