Chicago is so vast and diverse that 400k can get you a tiny condo in one neighborhood and a 12 unit in another. 

I think an irrevocable trust would only work if I were a family member (and could receive the property through an exclusionary transfer, which wouldn't trigger a reassessment) Yeah, the property could be worth more, although the lot is tiny....36 by 45 feet, and no onsite parking or even a yard to speak of.

I have had several tenants leave their toilets like this.He built a big wooden fence behind the home, it looked like the Alamo because he didn't want us to enter the property. 

Even with a decent sized portfolio at 62 units I only need a tiny fraction of the population to be good people who want to rent my apartments. 

It's basically a tiny version of a central HVAC placed in various rooms. 

Plus it was a weirdly laid out building & each unit had only 1 bathroom & a tiny kitchen.

The way I am seeing maximize cash flow is a cheap vacant lot improve it landscape it and put on tiny homes!

The cost of housing and living is tiny compared to our neighbors.

A key to my approach is the idea that rent increases cover payment increases.I agree that refinancing costs are real, but they amount to something like 1% of the principal, which is TINY compared to the TAXES you'd pay if you extracted equity by selling property.

@Angeline RebottaroConsider one of those round wooden saunas!