Or an I basically looking at a straight up purchase from them to me?

The math is a very big part of the deal of course but to me if you can at least get the basic math down you will be fine. 

Any investment is a gamble - not as risky as the craps table, but never guaranteed - and you shouldn't be gambling with your future.

Feels like a gamble with the appraisal.

Obviously lots of factors in this decision but I guess the basic question would be how much you value your time?

As you know, becoming a real estate agent is basically starting another business.

Yes you will also need your certificate of formation, operating agreement, franchise tax info(if applicable in IL)-basically just bring the company book with you.

Articles like this send my brain into overdrive thinking of all the potential for multi family build to hold, basic prefab homes to fill an affordable housing gap, and other projects a market like this could support.

It might even work after the purchase (basically your insurer goes after the previous insurer).2.

@Deforrest FergusonThey are basically the same.