In fact the homes on both sides of this property do.Its a fairly large house 3 bdr 1.5 bath on the upper levels. 1600sfThe basement has a .5 bath and is about 900sfIs anyone familiar with the process for doing this?

Account Closed to assign an REO you can do one of two things.You could set up an LLC or Corp and contract in your company's name...when you find a buyer you would sell your Corp or LLC to your end buyer through a Corp resolution.OrYou could create a land trust which is fairly simple to create and contract with the land trust you created and simply relinquish your control of the trust to your end buyerAnd of course you could do a double close but either way you would have to have an LLC set up.

Unless you have some fairly ignorant buyers, it's difficult to wholesale off the MLS, as everyone else is already looking at them, and most will have resale time restrictions.

Fair housing laws state:If you or someone associated with you:Have a physical or mental disability (including hearing, mobility and visual impairments, chronic alcoholism, chronic mental illness, AIDS, AIDS Related Complex and mental retardation) that substantially limits one or more major life activitiesHave a record of such a disability orAre regarded as having such a disabilityyour landlord may not:Refuse to let you make reasonable modifications to your dwelling or common use areas, at your expense, if necessary for the disabled person to use the housing.

SO nothing out of the pocket of the tenants, but the evil landlords that work hard to provide a solid home for these people get screwed.That is just CHICAGO proper and nothing is stopping you from investing here or as I do, in other areas around Chicagoland where the laws are more even and fair.

He said he would pay me $1500 / mo to manage 15 properties, and said since they are well maintained they will not require much attention.

Your agent should still be providing the full service that you expect, it is great that you are aware of it to make sure you get fair representation - but not a deal breaker by any means.

Eg, fair market value is 130k, 164k mortgage at 6% - 30 yr - 8 years into payment)

After a fairly lengthy process, they got the bill from the tax attorney.

Its not going to be easy but could be done.Your second option is the state fair plan.