It would also be wise to pay off any car debt or credit card debt (if you have either) too.

If you acknowledge the debt or make a partial payment you re-age the debt again.420 Is very, very low.Once  a year you get a free report www.annualcreditreport.com You can dispute from there accounts although they do not give you the credit score it doesn't matter.

Do I use it to buy another place like this that will likely be cash flow positive with a good return on equity (but likely no appreciation), or do the cautious thing and pay off my student loan debt or the line if credit on this house.

Based on how the market has appreciated and the time frame you bought the property you probably have enough equity to buy a smaller condo rental cash to eliminate debt or you can leverage the profits into down payments and buy multiple rentals with financing.I would be glad to discuss the market with you or help you find a buyer or a tenant.

Here is where someone might want to consider the "hype" in selecting the state with more favorable laws for the judgment debtor. 

There are no debtors in property management7.

In fact I'd suggest you do a lil reading about SMLLC's and the legal recourses that can be taken by debtors especially how it relates to LLC's in IL. 

We can address this on several fronts, economics, finance, governmental actions, sociology and the psychology of investors or those of debtors, their likelihood of selling prior to a loss arising from the tax consequences might be considered too.

This is due to the shear number of rules, black box underwriting via desktop underwriter and loan prospector, the type of person the nature of the MLO/Underwriter professions tends to attract and retain, among other things, that make it near impossible for a debtor friendly experience.I'd like to cut out the bank.  

Money judgments are specific to the debtors but typically not to a given property asset.So, a judgment against a debtor is won and filed in court.