For this reason, I often recommend setting up separate LLCs for Illinois investments.

But every person invests for different reasons and goals. 

There's no reason to wait, call them now so that you understand the options.

I suspect part of the reason might be because I have a no-alcohol policy for my property, which I understand might draw a lot of people away to some extent.

Yes, you’re legally obligated to make reasonable efforts to re-rent the property due to the duty to mitigate damages.

My thoughts are, Charleston is saturated for a reason! 

The reason why I was thinking of a DSCR loan was because I was informed that it was a good option if I wanted to purchase with an LLC. 

The reason I say that is because, the IRS requires distributions (RMDs) in order to have the taxes get paid on that money eventuallyl. 

If the LLC is a single-member LLC, it is considered a disregarded entity for tax purposes, meaning the taxpayer remains the same (under the same Social Security number) and there would be no reason to change title prior to the sale.

If flipping will be ongoing, electing S-Corp status for the LLC could reduce self-employment tax by taking a reasonable salary and classifying the rest as distributions.