Dan,The process to create an LLC in Illinois is pretty simple.

I wouldn't bet my life on 50%, but I would bet they are more problematic than the typical long-term renter.

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

Be the change you want to see in the world."

I want to utilize my arbitrage to obviously use for my personal life but also to create a hefty fund for investment properties later on the line. 

Same answer whether you borrowed against your residence or against your rental A or against your life insurance or from your family or from any other source. 

Yes, your rate will change but not much if you have good credit it will go up around 5.875% to 6%.

Check out FilePlace, where user-created forms are available for free.

You rent it for one year and create a successful STR business that shows a trailing 12 month net income of $75,000.  

Last year January MN enacted the biggest # of changes all were added details and raised the bar of requirement for Landlords, including some specifically detailing how a listing must be detailed.