I invest mostly in Waukegan, Beach Park and Libertyville.

Just know if your planning on using your HELOC and depending on the lender.

Once the property is "sell or rent" ready, then you can refinance into long term debt if you plan to hold it.Hello, Simmy thank you for the advice!

That said, specifically what makes you want to pay a 3rd party for plan "compliance"? 

I am wondering about how gettin Section 8 certified and being a part of this program will change the value of this home over time (I may plan to sell in 2-3 years).

If you are planning to manage other people's rental property you will need the license prior to receiving any revenue whatsoever.

At the same time, I am currently in BK Chapter 13 repayment plan until November this year.

What type of business do you plan to install? 

Also worth noting which areas are appreciating in value, since you’ll have to have an exit plan eventually and the extra value add is a great bonus. 

To answer your question -trusts are used as part of an estate plan to direct ownership of your property after you die - either passing it to another person or, for your baby’s sake, holding it under the control of another person til the baby becomes an adult.