That said, I highly recommend speaking with a local professional in the DFW area to get insights tailored to your specific goals.

@Ashish AcharyaYou're merely reproducing the IRS position, the one I specifically challenged.

Are there specific metrics or tools you rely on?

I've specifically learned a lot from Dave and Henry on their podcast, but also appreciate Jesse Vasquez' approach with her mid-term rental investments.

Here are a few additional strategies that might help mitigate risk if you decide to rent the property:Hire a Strong Property Management Company: While you’ve already spoken with some PMs, consider finding one with extensive experience managing single-family rentals in Cook County specifically.

I would check on this website on the find an agent feature or search Zillow for teams/agents in your area doing 25 or more deals a year.  

These were not specifically related to owning rental properties but the clients' assets (including any owned property) was better protected due to having umbrella coverage.  

When the tenant moves out and the funds are distributed either to the tenant or the landlord for damages, then the subaccount for that specific tenant has a zero balance and that subaccount is closed. 

He's on facebook and has a website for contact info.

If you have specific questions about property management, I'll be happy to help!