You should be more involved and not be so easy going about the entire process. 

If you're lucky, you'll get some money from him and can consider it a bonus.I recommend you tighten up your process.

You just need to know the process

Yes, but highly unlikely:(Anaylsis process is pretty simple.To determine what to offer on a rental property:Determine reasonable market rent, NOT the highest!

Did you speak with them prior to purchase to understand their process?

I am admittedly a newb in the process of getting all of this set up for my first rental (so correct me if I'm wrong) as well but I have some IL-specific perspective to offer: From what I have read, as of 1 Jan 2024 in IL, landlords cannot exclusively accept EFT payment of rents (includes Venmo, Zelle, etc.) for leases starting on or after that date.

@Corazon B. when we initially purchased the home it was under our name, but we have now gone through the process of changing it to be under the LLC.

We’ve just finished our 2025 planning meetings for our six largest projects, and it’s been an interesting process. 

This process can be frustrating, but getting it right adds so much credibility to your business.

So developers are building multifamily on these parking areas.Since these areas aren't located on top of residential areas, the zoning approval process has a lot less friction and resistance from NIMBYs.Here's an example in Rochester where an old Sears was turned into apartments for seniors.https://www.passero.com/projects/skyview-park-senior-housing...For multifamily developers, this could be an opportunity for building and partner with the mall owners.