That is the very definition of "highest and best use" and will make a lot of folks $$ while also contributing 8 affordable units to the city of Chicago.

You may not even need much money down with a FHA, VA, USDA loan and a seller contribution addendum.

Did each of you contribute the same amount to the partnership and therefore are entitled to split the income/ deductions accordingly? 

My name is Rebecca and my husband and I have run Captain Save a Home LLC, Brew City REI Club, Brew City REI Training Cafe and Wisconsin Contractor and Handyman Club based out of Milwaukee, WI for the past 8 years.

Or what other factors would contribute to a corporation selling a property that is making them money (or at least should be on paper).

contributing factors; current home loan is roughly 500k. being my first home it feels like a lot and I’m a little nervous to hang on to it.  

Partner with a local investor and find ways to add value without contributing capital (e.g. repairs, collect rent, analyze deals, research new markets, take pictures of properties, etc...) 

I have held internship positions at 4 different real estate firms throughout college and am willing to contribute my knowledge and skills to your business 😊

in general contributions into an LLC can be done without a tax consequence. 

This plan has high contribution limits and will allow you to shelter over $50K of your income from taxes3.