What are the tax ramifications of a sale, if any?

Bear in mind that the fiscal treatment of the two options in Mexico is different (withholding tax on the gross income with the fideicomiso vs cost deductions with the corporation).

Taxes/Insurance- depends a lot on where you are located.The homes themselves- POH or TOH? 

I'm not sure how attractive the numbers will be however when looking at HOA dues, insurance, taxes & the unpredictability of future costs with HOA dues.

You can always use a software like Turbo-Tax and follow the prompts.

If you live in a state with its own income tax, you might be allowed to credit your Illinois tax against your own state’s income tax.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

What are true returns for comparison, before or after Income taxes? 

Yes, you will have to file the partnership tax return.