As a new landlord, you need to become fully aware of the eviction laws in your area.

I would first try to get a loan if safety or code do not meet the loan, I will pay cash.

I can't speak for Chicago, but the (small) city I work in was trying to pass a law regarding vacant and/or dilapidated buildings.

If the borrower lied, it would be a criminal act and while there is no statute that I'm aware of that says it's against the law to do a lease option/lease back, there are statutes that say its against the law to make fraudulent attestations/statements on a loan/short sale to a federally regulated financial intuition.

That means underwrite conservatively with margins for safety and don't over-leverage and you'll be fine.

The case law (including both “Section 162 case law” and especially “non-Section 162 case law” pretty much said the following:1) Work performed by others for you counts towards determining whether or not you have a business.

State law is not the same.

A commercial mortgage is considered a transaction between two businesses who have access to legal advice, and should be knowledgeable in this space, and therefore consumer protection laws and rules do not apply.

@Anne @Anne Smith California has very strong tenant laws making it difficult to evict tenants.

Will I violate any security laws doing this?