NPN in Chicago Cook County

[Bill B.]

Hello,

I have a bid on a NPN in Cook County IL.

I've completed a deal in OH and two in MI, but never in IL.

Can anyone give an "oh no!" list? 

The items that I've already learned 

- Tenant friendly state

- must register as a bill collector (fee is $700 a year?)

- what else?????

Thanks!!!

Bill

[Eric S.]

Personally, I avoid Cook County.  I have too many bad memories from my days as a landlord.  You can spend 10k on the FC case, and if it is contested it could go on forever.  Not to mention city violations that could add significant expenses via fines, court hearings, etc., break ins, a long painful eviction process after judgment, etc.  

Besides the requirement to register as a debt collector, I believe that your LLC must be registered in Illinois as a foreign entity-another expense-in order to access the court system.

My issue is that it's a crapshoot and for me not the risk for lower value first liens.