This process decreases on client staff time needed for questions or follow up.Investor, broker, and management company clients work with me not because I am the 100% lowest cost shop in town, but fair priced, good/quick customer service, and deliver on most of their legal needs:  I have my own leases, forms, notices, handle rent escrow trials, property management company contracts, purchase and sale agreements, commercial leases, contract for deed, cancellations, etc.The value I bring is that clients with complicated residential or commercial fact patterns can in 10 minutes receive a potential outcome scenario based answer based upon hundreds of cases across multiple counties. 

Depending on your income and expenses  - you may owe taxes additional taxes to the IRS if you have net income or you can potentially decrease your tax liability if you show a loss on your rental business.Your rental property business is entitled to the same deductions whether you own the property in your personal name or in the name of the LLC.

The improvements will increase your cash flow and decrease your headaches.

@Larry Fried With Chicago population decreasing and taxes rising I honestly didn't consider investing here. 

I wanted to start investing in multi-unit properties(5+), and before I jump in, I need to understand the basic math behind this type of investment.I want to try with classic strategy of buying a value-add property, where I can increase the rent and decrease the expenses after acquisition.

And those same laws and regulations are increasing, not decreasing, every year. 

have the dividend amounts decreased or have they maintained the same amount? 

I would speak to your lender about exactly how it will affect the loan.Another thing to think about, is when it comes to selling the property... a buyer's lender might require permits in their appraisal/loan approval, so it could decrease the pool of potential buyers and price in the future.

The low inventory is fueling this median price increase, but it is having negative effect on sales, as sales have been decreasing month over month. 

However, keep in mind that you will be taxed at capital gains rates which are either 0, 15, or 20% (federal only, not including state) based upon your income.So my question is are there things you can do outside of this sale to decrease your overall income for the year so that you are taxed, but taxed at a 0% rate for federal income tax purposes?