Hi Peter,

Good luck on your adventure - whichever way you choose.

You'll need two invaluable team members.

1. A good contractor. You will need someone who is dependable, does quality work and will work for a fair price. In Chicago, these guys are hard to find. If a contractor has all these qualities, frequently he is already overwhelmed with work. Or he has decided to buy, remodel and sell buildings for himself.

2. A good lawyer. You will need a pro to guide you through the process of setting up your corporations that will be the entities that own your buildings. You will also need someone who can create the documents for your condominium associations.

Optional Team Member #3 A good tax accountant. For the following reason...

You should examine the distinct differences between buying and selling real estate short-term versus long-term. If you truly wish to become a real estate developer you need to be aware of the tax consequences for selling real estate for a profit in a short period of time.

One of the strongest benefits of owning real estate is that if you hold it long enough, your postpone your tax liabilities. And if you hold it long enough, your long-term gains are considerably lower than short-term gains. If you buy and hold - you'll be building wealth over the long term.

Plus, buying and holding pretty makes the process a no-brainer. If you hold onto real estate for 5 years, 10 years or even longer, it's nearly a certainty that your property will have appreciated dramatically. This is not always the case for properties you intend to sell quickly.

A good real estate agent *wink* should be able to connect you with competent vendors in all the areas I mentioned above. Other resources available include Angie's List website, the Building Owners and Managers' Association here in Chicago (BOMA) and talking to contractors you see working in your neighborhood.