>>For purposes of taxes, consult with a CPA to confirm this would work for your situation, but you could have the LLC be treated as a "disregarded entity" and thus, even if you and your wife are members, any profits/losses would "disregard" the LLC and go directly on your personal returns. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

I want to take advantage of growth if possible, but also want to minimize taxes and fees (penalties).

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

There are so many great strategies to help you scale your portfolio, so I understand your desire to find the right plan and avoid mistakes.

This keeps them motivated.Clear Contracts: Make sure your contracts have deadlines and penalties for delays.Regular Check-Ins: Visit the site often to catch issues early and keep things on track.Scaling UpMultiple Contractors: Work with more than one contractor to avoid delays.

So if you have the property for a total of 10 years, moved in at year 8, little value or tax advantage.

North side: Avondale, west logan square, albany park, rogers parkSouth side: Bronzeville, brighton park, mckinley park, bridgeport, west half of pilsenI agree with “trend is your friend” and avoid areas that might but havnt popped off.

As someone mentioned, the only thing passive about real estate investing is the tax treatment. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!