Does anyone in Chicago know the legalities around this?

We are hoping to tap in to the BP knowledge for creative financing terms that would be beneficial for both parties. 

Are there any legal reasons not to go with this approach? 

@Michael Weis - some lenders will actually get you as much as 80% depending on the loan program and whether it is recourse (i.e. you personally co-sign for the loan to your legal entity) or non-recourse. 

Just put my first property up for rent on Craigslist in Jacksonville and within 1 hour had a call from an interested party who wants to run a daycare from the house.

With my 9-5, I am part of a legal plan and have been for about 3 years.

If the lien was stripped it will still show in the land records... a title company would need to review the BK order as concerns the legal affect of the lien (or lack thereof).

How investors can legally and ethically engage in wholesaling:These guidelines are designed to protect all of us from scrutiny, investigation and possibly worse.

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

What's the legal timeframe allowed for informing the tenant?