@Thomas Sheehanonly you can decide what makes sense for you financially, but I would not put $200-250K into a property to generate minimal cash flow. i look to minimize my outlays when I purchase.

I work in WA, not IL.Sounds like similar facts - you need to be licensed if you are going to manage other folks' property.Here, you need to hang your license under a managing broker until you can get your managing brokers license, as brokers can't touch money and do a few other things legally.If it's like WA, you will have to hang your license under a managing broker at a brokerage, and coordinate deposits, contracts, fees with them.If that is the case, ask some brokerages that will allow you to hang your license under them for minimal fees in order to be compliant.

I am grateful we attended the rich dad seminar because it is what got the ball rolling for us for a minimal cost.  

@Mike Sferayou got some great responses to this including from @Kevin Sobilo and @Bill B.there is no right answer to this question.right now, i am looking to minimize outlays on rental properties, and am having success with seller financing. 

Identify the biggest losses and cut those with as minimal a loss as you can.

Liquidity: If this is your first or second property, prioritizing liquidity (by cashing out now) might allow you to seize unexpected opportunities, especially if you’re actively prospecting deals.Since you don’t have a deal lined up yet, you might explore options to minimize the gap, like prequalifying potential deals or using short-term financing strategies to bridge the 4 months.Good luck growing your portfolio!

Might not be ideal to go from a personal home to a duplex/triplex/quad but it's a great way to buy with as minimal % down as possible. 

If we throw all of this out of the window, what would you recommend I set up for both asset protection, minimizing tax liability (including CA crazy $800 per LLC fee), and probate planing.

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It outlines how the couple will handle their finances during and after the marriage, including: Property and assets: How to divide property and assets in the event of a divorce or death Debts: How to allocate debts Spousal support: Whether and how to provide alimony Inheritance rights: How to handle inheritance rights A prenup can help protect both parties' interests, and can be an effective way to avoid court proceedings and minimize the emotional and financial toll of a divorce.