I will probably only be budgeting to use up to $600k to be safe, which I know will be tight depending on what location is selected.

They can still work and careful selection is important. 

Creating an LLC in NY is a hassle - all sorts of nonsense about publishing in newspapers for 6 weeks, etc.I tried to research what it would take to own and operate a rental property in NY with a different state LLC. 

This is a learning property for me, so we’ve learned about managing tenants, making the right improvements, selecting contractors and managing the process.

I could explore a remodel / bridge loan of some sort, but not sure what my options are.

.- What sort of turnover can we expect?

You can select "IND" in the area field on your Illinois MLS.  

Good luck getting that garage sorted – it's a pain now, but you'll laugh about it later!"

Sounds like a single family home with an attached garage which to me sounds like it could be R-1 single family only residential where you are unlikely to be allowed to add additional units unless you're in a state  forcing municipalities to allow ADUs of some sort.

So essentially you can only put half of the property into the LLC, which might work for tax purposes (sort of), but doesn't work for liability at all since you can't usually put half of a duplex into an LLC as a separate asset.I do recommend that you keep a separate checking account just for housing expenses because it will really help you come tax time.