The current rent barely pays for the monthly mortgage and I am scraping through to pay for property taxes. 

All of this said, my partner has seen a ~41% internal rate of return on her investment, excluding tax benefits, in just the 6 months we have owned this property.

What I would recommend, is looking into TAX LIENS AND DEEDS.

Collect interest and payments over time while maintaining an interest in the property.1031 Exchange: Sell a property and reinvest the proceeds into a similar property to defer capital gains taxes.

Law: Illinois has a law that requires (I believe) the insurance company to give a 'General and Special Taxes & Demolition Expenses' Form (Important info for this issue) to the city when claims/damages are over a certain dollar value.

Having a mortgage on that home might change some of the answers so just be prepared with how much the property is being rented for, what the taxes and insurance amounts are when you reach out. 

These include fix & flip and DSCR rental program that don't require tax returns of W-2 jobs, but rather uses your credit and property income to qualify.

Low property tax/lower costs to maintain, etc.3).

self-manage or local company - depending on your personal situation - amount of time you have/strengths in self-management, financial situation, tax implicationsSkip the big management co's - like any big biz they have one priority in mind

I'm focused on the STR strategy as I would like to benefit from the tax advantages that it offers but understand it may not work out.