Are you referring to property tax classification, as in it moves you from residential to commercial, or are there income tax remifications?

I bet your insurance and taxes went up more than 3%. 

We wanted more property for our family and extended family and I knew I could use it as an STR to offset costs and pretty much give us a place that pays for itself while getting some tax benefits, equity, and possible refinance in the future.

We have one this coming Saturday so hopefully you can make it out, here is a link:  https://www.biggerpockets.com/forums/521/topics/1177645-tax-...What brought you to Chicago from Dallas? 

Hopefully I didn't misquote them.LLC: Liability protection and potential tax benefits.

@Mitrah Rasti the deed and loan are separate issues.Your partner should be able Quit Claim her ownership to you without triggering the lender's due on sale clause - as one of the lendees (you) will still be on the deed.You should check with your local municipality to make sure how this may impact your property taxes.You should also check with a tax professional to see if there will be any income tax impacts of the Quit Claim.Lastly, NONE of this will remove your partner's name from the loan.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

You can deduct taxes on the interest that you have paid on your mortgage in Mexico.Cons: 1.

They are willing to leave their tax in the game. 

You’ll still owe taxes on rental income.