You should speak to your partner and tell him that if he wants to do extra for the tenant then it comes from his money, not yours and whomever else you’re partnered with.

I'd also speak with a 1031 Exchange company.  

I would suggest you define your criteria first before speaking with your agent.

I will call and speak to them about my options.

I'm looking to convert one of my rentals to an Airbnb in 2022 and would love to speak with anyone who has gone through the process of setting up an Airbnb in Chicago and registering it with the city. 

That's speaking in aggregate averages, one particular person may differ.

So speaking in general terms:I have several appliances that are pretty old in rental properties I acquired this year (ex: a 14 year old washer and dryer).  

Under MLI Select it said Purchase/refinanceOPTION A: 80% of units: maximum rent is ator below 30th percentile of rents (CMHC in thesubject market) for units of similar type (numberof bedrooms)OROPTION B: Project approved under otherhousing programs/initiatives (municipal, provincialor federal) that provide support for developmentof affordable housing such as capital grants,municipal concessions or expedited planningOROPTION C: Social housing projects with upto 5 years remaining on operating agreement:additional criteria applyNote: For all options, the affordability of designatedunits must be maintained for a minimum of 10 years.Affordable units are subject to provincially allowableannual rent increase or CPI.Pretty vague description and doesn't speak to the point system so i'm waiting to hear back for clarification.  

As far as how to form an LLC and the rest of the questions you've asked here I would highly recommend getting some face time with a local real estate investor who has walked this path ahead of you and can speak from their experience, as this will be a good opportunity to "begin with the end in mind."

There's obviously a lot that goes into it, but generally speaking it's a pretty simple business model...with somewhat foreseeable results.