You’ll take on the responsibility of being a landlord in exchange for cash flow and the owner of the property who agreed on seller finance gets a nice return on their money by doing nothing but collecting their money plus interest.

But especially the husband has had some financial issues over the years (collection agencies, etc.).

-Late fees from the city for late payment for utilities (PM collects and pays the actual bill)-Several evictions from tenants they placed.

As with this type of tenants it is almost impossible to collect the debt.

I really like the thought of it being paid off and collecting $1500 a month. 

(If you got the impression that I would, then either I really suck at explaining my thought process or there is a terrible loss of context on a message board.) 

Some of the cash can be used to rehab the property, use Rentometer to find a good strategic price point for renting, and collect cash flow. 

Feel free to message me and I can frwd all the 2021 docs to keep compliant.Make sure you collect a security deposit (normally I would not recommend security deposits in chicago) as the roommates tend to just move out with no notice otherwise, even in the class A areas.

Originally our split was 80/20 but he changed it to 65/35 and gave me a small cash bonus since he was so impressed with my work.

Because the new tenant told me he wouldn't financially qualify by himself (only collects a little bit of disability) and the original tenant didn't want the rent to go up, the original tenant sent me an email putting in his 60-day notice to vacate the premises.