To be clear this is not about investment performance, but about the processes and practices that shape the LP experience.My minimum acceptable threshold is having quarterly status reports (which provide real details  on progress and/or problems and not just fluff), at least yearly financials (and quarterly is better) and at least yearly capital account statements (and quarterly is better).Distributions (and waterfalls) are often detailed in the operating agreement in dense legalese (and differ alot from deal to deal). 

This is a tough business but if you want to try I recommend either simply contacting the local tax sale office and ask them what the process is.

We are in the process of doing a cash out refinance to do some work on the property.

Quote from @Val Na: I closed on my first rental two weeks ago and I’m currently in the process of leasing it.

When you understand where these conflicts originate, you can build simple systems that prevent them before they escalate.It’s also important to recognize and understand the normal dispute-resolution process for real estate when the landlord is on the wrong side of landlord tenant disputes and the process and expense of accessing the landlords personal bank account. 

For anyone who’s sold a note before, what documents or details should sellers have ready to make the process smoother?

I am simply trying to understand what practical steps a purchaser can take to either move the process forward or recover funds when repeated bankruptcy suggestions are filed without any identifiable federal bankruptcy case. 

Scaling is more about money, processes and people.If you are talking about land trusts, sounds like you are listening to too many gurus. 

If the lease says no pooping allowed and poops are repeatedly left behind, what is the process in Chicago to use this as grounds for eviction?

I’ve identified when I want to buy and am now focused on reverse-engineering the steps needed to execute confidently and efficiently.What I’ve done so far:-Saved for down payment and closing costs-Actively building cash reserves-Funds parked in a HYSA to season-Drafted crystal-clear buy criteria (to be finalized once buying power is confirmed)-Focused heavily on education:-Various REI podcasts-The Multifamily Millionaire Vol. 1-The Book on Rental Property Investing-Rich Dad Poor DadNext up: The Book on Managing Rental Properties and 90 Days to Your First Investment-Recently became a BiggerPockets Pro member-Planning to join my local REIA nextNext steps I’m planning:-After the holidays, get pre-qualified with a local lender-Use that to establish a ballpark understanding of buying power-At the appropriate time, complete the pre-approval process (understanding the 90-day window)-Build out my team (agent and vendors) so I’m ready to move decisively once I begin making offersWhere I’d love advice from the community:Pre-qualification vs. pre-approval-For an FHA house hack targeting a June–July purchase, is getting pre-qualified early enough for meaningful planning, or should certain steps wait until I’m within 90 days and pre-approved?