You should have already started the eviction process!

Meaning you can add another unit to your existing structure and 2 more units on the new subdivided lot.

That would be new under the fund structure.

Staying ahead of the game by understanding how local regulations align with state bills like SB-9, SB-684, and SB-423 can open doors to exciting development projects.SB-9: Simplifying Lot Splits and Duplex BuildsSB-9 streamlines the process for lot splits and duplex construction, offering a straightforward way to increase property value and expand housing options.SB-684: More Flexibility for Smaller ProjectsFor urban lots under 5 acres, SB-684 makes it easier to pursue smaller housing developments, transforming overlooked properties and vacant lots into productive investments.SB-423: Faster Approvals, Fewer HeadachesNo one likes endless waiting.

Then find a CPA who can help you set up and manage your business and advise you on the best business structure.

I experience the poor processing and unprofessional work they do.

If you are comfortable with the rezone process I would look at this, and perhaps you can still ADU in future after the rezone.

I’m wondering if anyone has been threw the process of buying a rental property in the US as a Canadian.

I've called a couple title companies there and they are not familiar with the process and one said that the practice CANNOT be done in the state of IL.

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).