There are other exclusions, but it's better to know what they are, so there are no surprises.

As I understand an LLC provides a convenient asset protection and security.I currently own a multi-family in my name.I am wondering if it makes sense to transfer the property to an LLC.Thanks

@Darwin Do You're welcome; I'm surprised more didn't chime in. 

For rent (single/multi home, apartment,condo) I am not sure which one is best in term of safety, cost, location and convenience. 

Have always been interested in investing in the Chicago area, but I'm familiar with Indiana law and like the taxes on this side better :)  I looked in Lake County (IN) for a good bit, but I found their taxes surprisingly close to similarly priced houses in Chicago.

I'm surprised you said there's as much good said about turnkeys as bad.

Wouldn't surprise me if you can't already print bank statements  in English or your pay stubs in English...but even if not, I don't think it will be a big deal.   

@Daniel Sabato it’s not surprising for you to pay the first year’s insurance at closing, from then on, it’s paid by the escrow. 

  ;)Lastly, @Lesley Resnick since you're from Florida I'm surprised you didn't mention "I Dream of Jeannie Lane" named after the sitcom set there

While you make a good point that a renter could afford their own mortgage payment, you'd be surprised to find there are people who don't necessarily want to be home owners.