Sharing your experience can help others facing similar challenges.

Can you share what main use case that you propose to utilize our solutions would be?

Sharing leases, profit and loss sure but no inspection. 

So I am not telling you what do, rather I am just sharing my experience. 

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

@Veronica Mitchell - A little bit of an open-ended question since Chicago is just so massive and has a ridiculous amount of mult-family properties. 

These programs are called Equity Share programs.

I can share what I have read so far and what I plan to read later.

When I said size doesn't matter as much I meant for STR you don't need massive rooms, larger common areas, etc.If you went MTR you might go further away from RTP and go for higher bedroom count, for less appreciation on average.NOTHING about this post is gospel.

Can you share some additional numbers about the investment property you're looking to buy?