Law: Illinois has a law that requires (I believe) the insurance company to give a 'General and Special Taxes & Demolition Expenses' Form (Important info for this issue) to the city when claims/damages are over a certain dollar value.

Masterminds can be expensive, but they are worth it if you choose the right one for you!

I work in a market where the average home is $1.5M and pricing accurately is one of the most important and difficult things at this price level.

The average wholesale fee is $100k and average transaction time is 90-120 days. 

It's been growing quickly and has a lower average sale price to keep the barrier to entry low.

On average it takes 6-9 months to get your first closing so be prepared to have no income for that long.

Saving three to six months' worth of living costs can give financial stability in the event of an unexpected expense or emergency.If you have high-interest debt (such as credit card debt), prioritize paying it off as soon as feasible.

So- the real question here is do you want the cheapest option (conventional, but you have to wait a year and it must be in your personal name) or the most flexible (DSCR, which can be done in a business name and generally at any point, but it will be more expensive.)

You'd likely run into IRS "personal use" rules that may limit how much of the expenses you can deduct and/or the timing of when those deductions could be realized.See:  https://www.irs.gov/taxtopics/tc41A CPA could explain how it would really work in plain English :)EDIT:  If you had 12 of them, lived in each one for 30 days/year, and rented each out at fair market rent for  300+ days per year, sounds like you'd be golden!

The federal tax code establishes stringent criteria, including guest stays limited to seven days on average and the provision of basic hotel-like services, to qualify for this advantageous tax treatment.Understanding the mechanics of the short-term rental tax loophole is imperative.