I'm writing this in December 2024, when every other question asked on the Bigger Pockets tax forum is about STRs. If you're not sure what the fuss is all about, read this older post first:https://www.biggerpockets.com...

For long-term strategies, a cash-out refinance is usually more advantageous, as it preserves ownership and offers fixed terms.To proceed, start with a professional appraisal to confirm the home’s value, compare refinance terms with traditional lenders, and carefully scrutinize shared-equity program terms to ensure they align with your financial goals.

Google “OJ Simpson asset protection strategy”. 

Get away from Illinois.

Will be a better question for your CPA in my opinion, they'll have better visibility into what strategy will work best before filing season and EOY. 

My strategy in Arizona has been adding bedrooms and renting by the room - currently getting 850-950/room in nice neighborhoods.

So start with STRATEGY. 

What are ways you have seen landlords calculate rent raises?
I plan to raise rent by 2% yearly, and round to the nearest $25. After that, I will re-evaluate every 5 years based on local rent. I've asked for others op...

With my last (2 years ago), I had to take an alternative exit strategy to avoid a loss.

I am an investor/agent and own 5 and it's my primary investment strategy.