Plus you would have to file a Form 1041 for the Trust Since you in no way would be considered to own the property.Some other good reading: http://www.illinois-attorney.com/practice-areas/illinois-estate-planning/illinois-land-trusts/-Steven the Tax Guy

It improves cash flow and builds character.

It is probably a bigger rehab than I want to tackle at this stage, but I thought it might be a good one to get some paper practice on since small commmercial is one of my goals.

And as a last resort...I'm considering just moving back into the house so that I can better control the situation, make improvements, save on living expenses, etc. until it's sold.

Sending photocopy of check (or scanned electronic copy) is common practice.

The purpose of Dodd Frank and the Consumer Protection Act is to put an end to the risky lending practices that fueled the financial meltdown.

Biggest things I see to improve are Paint, drywall repair, replace the acoustical tile ceiling with drywall, flooring, Counter tops, shower surround.

If you have that sale price (or value based on rents) deduct the costs of improvements, holding expenses and costs of acquiring the property, throw in you required return and you'll have the value to you for that property.

They will manage the project better, they will make improvements that have pay-back, they have a set of trustworthy contractors, etc...

Too many more to list, but ask lots of questions, and practice, practice, practice!