I'm thinking I can just write a simple letter giving notice that the lease will end at the end of 12 months letter style without citing any specific reasons. 

Here are the specifics: our current property is worth 360k roughly; we owe 120K on it.

.: Quote from @Chris Allen: Long story short, I am in a difficult situation with a property of mine and need to get rid of property.

So to answer the question specifically no I would not buy a property that did not cash flow and only for tax basis.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

If you are just getting started here in Chicago, house hacking is the ideal situation.

Consider defining clear roles, ownership percentages, and responsibilities upfront, and ensure you’re protected if the partnership doesn’t work out.Since you already own properties, it might be worth consulting a CPA who specializes in real estate for advice on tax strategies specific to your situation.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

The tax treatment in such cases may vary depending on specific circumstances.

Yep, we are in a similar situation.