By prioritizing five-star reviews, I built a strong reputation, which led to increased bookings and higher profitability.

Quote from @Justin Brin: I created a heat map showing the population changes in each state over the past five years (2020–2024).The states experiencing the largest population increases are Florida, Texas, Utah, Arizona, and South Carolina.

If Oak Park allows STRs, leveraging that history could make the property stand out.That said, unless the home has been preserved as a landmark or has unique historical features, the value boost may be more about novelty than a significant price increase.

I don't remember the exact cost when I did it but I remember thinking it was cheaper than expected.I didn't see a comment mentioning that you should just include utilities in the rent and increase it based off that so I'll be that guy.

If so, you will need to apply for a change of number of bedrooms on the standard CHA rent increase form.

The secondary goal is to increase rental income down the road.

Given his spending habits during his first term, it might be a wash.Costs to build new properties will probably increase.

What the investor will have is a long term appreciating asset; that will provide an increasing cash flow as rental rates increase, and steady amortization as the note is paid down.  

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

Do the math and you'll see it doesn't make sense.The best way to invest: increase earnings, reduce expenses, and save.