Getting started is the tough part.

Anyone from the North West Suburbs of Chicago and specially from Arlington Heights know a good real estate school they could recommend?

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.Consider checking out HUD homes for small multi's owner occupied gets first crack.You might consider Niche or Specialized Housing like student housing.

BofA are pretty tough to deal with and the condo is so upside down that it is tricky to find a way out!

I've just grown skeptical of the Fannie process so I've moved on to non-Fannie deals.I believe the Fannie deals are going at a premium to account for the special financing terms (lower LTV ratios and ability to finance more properties than the usual Fannie limit).

Is anyone familiar with a good management company specializing in 2-4 units?

Dave: if you are a bonafide tenant (not a relative of the LL or one of the owners or someone with a special arrangement with the LL) your tenancy and your lease are protected by the Tenants in Foreclosure Act fro 2009 (that runs through 12/2014).

I can honestly say that they are tough to find, but they are out there.

The JV will be in a new special purpose entity anyway.

Great Cash Flow but tough rental pool and zero appreciation.