My guess is that the owner is just going to let this go on forever or until they're forced to do something about it.The attorney on our team is based in Huntington, I can connect you to him as he may have the best answer for you.Shoot me a PM if interested.Best of luck to you!

Jonathan, no offense to any of the other posters but their answers come from what would be considered “general in nature” since they are not local to your market and likely do not know the current market conditions of your area. 

Different than CA, however, @Brad Smith above gave a great answer and the settlement date should be the date of record for the FHA rule.

I invest in both of those cities.Would be happy to answer any questions you have about them. 

My answer and experience allows me to say yes, AU's are dead.

I've searched the security deposit laws for Illinois and haven't found a clear answer.  

The more I know, the more I know I don't know the answers. 

Put yourself in the other guys shoes and see what answer you come up with. 

I feel like this should be a basic question but it's hard to find a definitive answer to.We'll be splitting the cost, labor and profit 50/50 but have no entity setup at this point.1.

If you ask a multifamily broker the same question, they are going to give you a different answer.