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 recently reached out to a local CPA here in WA and he will get all my stuff correct.

Hello buyers in the Spokane, WA area and the PNW!

But things out west also are a moving target on the best of days.haha, indeed, the crazy west in both CA (my property location) and WA (my residence)One more question on LLCs. 

Average rents $1200 Cincinnati but we don't know if this applies to the square footage and details of what he is thinking.

I make sure they're well insulated, have replacement windows, spend more on nice flooring that looks great (plank style / wood-look porcelain tile, hardwood or click-together LVT planks, not peel-and-stick squares). 

The labor it takes to renovate 1000 square-foot property is typically the same depending on the finishes whether the house is going to be worth 500 K or 200 K.

I have a few for cash flow but I prefer equity - which I live in the Washington DC area so you are not going to be getting cash flowing rentals off the bat but if you hold them for 20 years you will not be complaining. 

For the refinancing question, if you are adding square footage, adding a bathroom, or adding a full room etc.

You can also create a basic scope of work and get ballpark estimates from contractors or use cost-per-square-foot averages for your area.To determine ARV, look at recently sold comparable properties in the area that are similar in size, style, and condition to what your property will be post-renovation.