.- Additionally, you can track income and expenses consistently using software or spreadsheets.If you track everything, you could show a loss and use that to offset other earned income (such as a W2) which will net you a bigger refund.

Some additional details needed:1.

Since it's trust ownership, there are some additional benefits. 

Holding the property should pay down the loan and give us tax benefits. 

Are there any tax benefits from donating this land? 

If you are living there, then you need to weigh the benefits of having a home, as oppose to renting somewhere else.

Another benefit of this option is that it would allow you to get a conventional loan at 3-5% down. 

Wanted to revive this post and check to see if anyone else has additional information or input on rental in Cahokia, IL / Cahokia Heights, IL . . .

The potential liability from having someone do a job they are not licensed to do far outweighs the cost-benefit.

We also don't have state-income tax, so the more you make the better the benefit of living here is.