You would also want to add the LLC entity as an "Additional Insured" party onto the landlord insurance for the property.

Here are a few additional strategies that might help mitigate risk if you decide to rent the property:Hire a Strong Property Management Company: While you’ve already spoken with some PMs, consider finding one with extensive experience managing single-family rentals in Cook County specifically.

Additionally, she stated she doesn’t want to pay either.

*Older systems contained insulation with additives that may oxidize copper wire. 

There is no additional "risk" on the note like a demand clause etc, but you have  extra expense in upfront one time costs and the pre-payment penalty that most programs are sold with if rates do drop as expected in the future.  

I'm not satisfied with not filing the rental in an LLC simply because it's more simple and might cost me an additional filing fee .

However, there was a lot of additional paperwork, and I had the capital...So I just opted for the more traditional path instead.  

Any additional input would be great.

You may also need to provide additional documentation, such as proof of income and employment, and may need to have a co-signer who is a U.S. citizen or permanent resident.In terms of buying with an LLC, it can be a good option for some foreign buyers, as it can provide additional liability protection and potentially offer tax benefits.

Additionally, I have one savings account for reserves for all my properties, which I add to every month.