Some years back, I heard of incidents where mortgages not meeting requirements were bought, bundled and then sold, and I wondered about the safety of these unit trusts.

I'm also wondering how to keep a safety net in the event that something happen to him down the road - will my cash be gone?

Recap: Once the property is paid off with extra payments, I'll build up 9 months of mortgage payments as a safety net, make long term investments in the property that will simplify management and increase rents, and then most likely hire a property management team and buy a van and travel for a while. 

It's a liability safety net that protects your assets in the event you are sued.

Definition from contract - “material defect means a condition that would have a substantial adverse effect on the value of the residential real property or that would significantly impair the health or safety of future occupants of the residential real property unless the seller reasonably believes that the condition has been corrected.”

Definition from contract - “material defect means a condition that would have a substantial adverse effect on the value of the residential real property or that would significantly impair the health or safety of future occupants of the residential real property unless the seller reasonably believes that the condition has been corrected.”

It became a legal 6-unit after some necessary rehab, fire safety & code compliance.

My safety net is I have more than enough equity to pay off the hard money loan, so I know I would be able to repay.

I say this, because I did try a couple of 4-digit programs, and they were as much garbage as the "affordable teasers

I understand Chicago has a big problem with crime and safety, but this is Chi-town, not some small *** town in the middle of nowhere.