I don't operate residential rental property in Illinois, so I don't know about your laws, but it could be seen as discriminatory based on source of income.It is important to set your Rental Criteria in advance of advertising and to make sure it is compliant with non-discrimination laws and the Fair Housing Act.

Conventional ways are simple, well known, safe, structured, legal and compliant.

If you answer YES to all of these (regardless of number of investors) you have to do some work to be compliant:1.

Second, when it does become mandatory, we hope to be not compliant with the program as we currently rent units for no less than 24 month periods.

The Zoning Officer suggested a single wide mobile home as being code compliant, and the neighbors went ballistic. 

This makes the reports more accurate and compliant for landlords. 

I like Dodd Frank Compliant Lease Option Assignments, where I make 3% in 10 hours, with no banks. 

@Nathan Gesner gives you the work around to avoid all that tax a 1031 exchange into new investment real estate, or a passive 1031 compliant real estate, or a  vacation property you generate income from, or even a property that you later turn into a primary residence.

That requires a compliant appraisal or valuation or some type; have not seen allocation used; it usually is a larger parcel determination or a before and after type analysis.I will add I do conservation easement appraisals, and I would be hard pressed to rely on allocation for an IRS related matter.

Instead, you will learn how to be compliant with all the federal and state laws for agents.