I do see the advantage of concealing my identity, but it doesn't seem worth the risk to me.

BUT, if they receive 3, 4, 15 more letters, Identical or similar .. ( "$BUY$... your house..."), how shady do you and all the other yellow letters look?

When you come into my elderly parents NBHD I ask them to come inside and lock their door and NEVER open it for anyone whose identity they cannot confirm. 

It is wise to have an Identity Statement sheet from your title company so as soon as you put the property under contract you can have your title company run the title and when you market the property you will confidently tell your buyers that the property is cloud free.

Lolif you pay taxes on a ssn that isn’t your own how is that not identity theft?  

@Jon Holdman gives you both sides of an identical scenario.  

I thought that a land trust is transfering title from a property, helps identity protection, but in case of death the land trust is still surviving, which avoid the probate,Capital Gain taxes and Prop 13 8n California, because there is no Change of ownership.

Miraculously, they provided identical answers.

The property is currently operating as a 6-unit with two identical illegal 1bed, 1 bath basement units.

Primarily that you will now cut your monthly cash flow since debt service will increase with a higher principal (unless you refinanced into a much lower rate environment)However, Cash-Out Refinances are riskier for your Lender for a few reasons, so they will typically charge a higher rate / points for the privilege (versus an otherwise identical loan thats a rate-term refi or acquisition)Why are Cash-Out Refinances priced higher by the lender?