You have to pay to set it, you have yearly renewal fees, and then sometimes additional costs for accounting.

How do you account for increases in property taxes (Chicago is more than likely going to increase taxes for the next few years)?

Thank you Account Closed

If you haven't looked into zoning or investing with your retirement account you should start there. 

Thank you for the great feedback thus far Account ClosedTo provide more context, I'm a federal employee and the promotion would be from GS12 to GS13, so after 1 to 2 years, I would be eligible for GS14, or at least make it easier to compete for GS13s outside of D.C.

Thanks for the input Andrew.If I were to get say, $40,000 from a family member to cover the down payment, is that going to alarm a lender, seeing a big lump sum deposited into my bank account?

When I divorced I discovered my x had taken credit cards through our joint bank account.

You will be exempt from 1/4th of the gain up to the limits of the sec 121 exclusion assuming that all units are identical and your accountant set up the depreciation schedules with those equal allocations.2.

I think any of those should be okay but I am not giving legal or accounting advice.I don't see any reason you would need to have a separate LLC and anyone is okay with carrying a note.

@Walter Diaz, it reinforces what Account Closed was saying.