Jurisdiction's approach to property title records, generally fall into three categories: Race, Notice, and Race-Notice.Race Jurisdiction: In these jurisdictions, the first party to record the deed has the superior claim to the property, regardless of any prior unrecorded claims.

They are not superior to liens they only would be superior if they were recorded prior to the mortgage. 

Change the deed prior to selling if the deed is currently in a business name. 

You now have to sign a binding agreement with your agent stating how much they will be compensated for their services prior to doing a showing.

Our existing home will need to have some minor repairs completed prior to attempting to rent out - paint, drywall repairs, etc. 

Some items to be aware of include, but not limited to:  zoning in County may conflict with the City, utilities that belong to the City infrastructure may require that you annex the property prior to rezoning or other entitlement, County development standards may be different or less stringent than City standards which would cause the development to be non-compliant when annexed.I would echo the same as Bryant Brislin, you will definitely want to connect with someone that can navigate this process for you. 

Some states do this, for example SC does this but allows the prior home owner to apply to receive the overage.

Hey @Max Kulishov, it's not a bad idea - I've done remodels on almost every place I've lived in, and the cool thing is you get to enjoy the renovations, you might have to do some minor repairs prior to moving out but nothing like doing a huge remodel + you can slowly renovate at your own pace rather than having to invest large amounts of money at once. 

I'd at least have some conversations with the Chicago crowd here about self managing prior to committing to a property manager.

Also rates are already coming down as of last week rates on DSCR are hitting 6.75%, FHA hitting 5.875%, Jumbo Rates hitting 6.25% where 3 months prior those rates were 1%+/- higher.