Their arguments were # 1  that a NON EXISTING ENTITY cannot bring a collection action and # 2 well over 20 years of time had gone by with no attempts to collect on the Debt owed to the Mortgage and Note holder.  

If you can prove malicious intent by the tenant, you may be able to make a claim against your insurance.Consult with a lawyer, but if you proceed with legal action it is likely the only one to make money will be the lawyer.good luck 

Ask them:What credit score, debt-to-income, and reserves they like to see for house hacks or multi-family loans.What first-time buyer or local programs exist in your target area.How they treat projected rental income when calculating eligibility.That info gives you a clear goalpost — you’ll know exactly what to fix or build before next year.In the meantime, here is my advice and some actionable steps you can start on now:Pick a target market and study rents, prices, and zoning.

Do your research, ask questions, and be sure to take action.

. -- Aspire to post action-oriented updates here as a way of (a) holding myself publicly accountable, (b) maybe sparking a few good convos, and (c) getting some good constructive feedback! 

When a tenant stops communicating, it's time to take action (worse for both parties to delay).

I have known for awhile that real estate is a smart investment and finally just know taking action!

Check out the links below.https://www.biggerpockets.com/forums/522/topics/282223-chicago-action-investors-2-27-16 https://www.biggerpockets.com/forums/522/topics/279681-chicago-action-investors-2-20-16 https://www.biggerpockets.com/forums/522/topics/274812-project-bp-2-6-16?

Best course of action is to pass on 99% of the prices posted.

Once you take that first small action, the overwhelm fades and the path gets a lot clearer.