This will allow you to acquire more rental units and also being able to use the vacated unit rents at 75% to help your debt to income ratio DTI.There is a FHA 100 mile rule if you do plan on using FHA on your 2nd house hack.

Accurate books for a seamless transition during tax time. 2.

Your tax preparers?

Do you earn appreciation on the note or claim depreciation on your taxes? 

Pays for my prime resident taxes, and living expenses.

Is the other heir willing to receive their 50% after selling costs (commissions/title/tax/etc)?

It's on the far NW side and has inventory in that price range, but consider that taxes are relatively high in Elgin VS most suburbs.   

https://www.omnicalculator.com/finance/debt-avalancheThis?

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Then out of the portion they keep, they pay income tax, E&O insurance, health insurance, MLS dues, NAR dues, continuing ed, marketing, car insurance and maintenance, retirement fund, etc. then live off of what's left.