@Kyle Kulhanek To retitle your Chicago condo into an LLC for liability protection, start by forming the LLC with a clear operating agreement outlining ownership and responsibilities.

Many of the neighborhoods which intersect with downtown are experiencing waves of new residents looking to join in on the action. 

,I have sold and been managing properties that are near the MIA and haven't had any complaints from residents who are living in them.

The market is TOUGH right now for LTRs and STRs.Hope this helps - we are trying to protect you.

I was a southern CT resident for 15 years and own a rental property in Trumbull CT as well.

I think we have the option of taking out a heloc  and begin to invest elsewhere.The other idea , that I was thinking is paying off our primary residence which we owe 425k.

My comments were geared toward the protections provided an investor after going under contract and prior to closing.  

I encourage you to interview property managers to determine what their approach looks like when managing properties for an investor who does not reside in the market where the property is located. 

Investment Info:Single-family residence buy & hold investment in Valdosta.

Tyler,Due to the property no longer being a primary residence (both units are rented) the best terms on a cashout refi will be 75% LTV.