Meaning he wont partner with me on a buy unless the numbers are VERY VERY in favor of, at least, breaking even. 

Not bad overall, but also not the simplest path to real estate investing considering you could plonk 25% down on an already-completed-project right out of the gate and ski p all that variable middle-ground.With construction loans or other debt-for-your-project instruments its often more simple to get more favorable LTVs and LTCs for whatever reason.

However, I have also heard that the laws favor the tenants in Illinois.

Not only do rtp ratios make no sense and your cash on cash return will be negative (especially if you are paying less then 20%) but the laws are in favor of the tenant and if they stop paying rent then it’s going to be months to a year before you get a new tenant and thousands in legal fees.

WFH trends all bode incredibly well in Philly's favor with being wedged between DC & NYC. 

I'm going to set up my LLC in Wyoming (even though I live in California and properties will be located in other states, Wyoming has very favorable LLC laws).Is this something I need an attorney for?

-REO purchased during a very favorable time in the market (not favorable according to the naysayers of the time...).

-REO purchased during a very favorable time in the market (not favorable according to the naysayers of the time...).

So do us all a favor and get rid of him.

I'm going to invest in a 506b fund and I'm wondering.Is an income generating asset taxed more favorably when held inside an LLC?