Moreover, I am currently earning my MBA degree from Western Governors University while working full-time as an IT analyst.

You should definitely have reserves to cover your own living expenses(x 6 months) and the reserves for the rental property will be determined by the monthly costs associated with operation (x 3-6 months).  

I would recommend Illinois Association of Realtors 

So you may need these deposit cover the costs associated with this lease termination.

Also consider joining one of the local real estate investor associations.

Some condominium associations prohibit or restrict rentals.

Florida Association of Realtors has an assignment doc you can use......

If local - I would attends chamber of Commerce meetings and local homeowner association/neighborhood meetings. 

If you want it just for the MLS acces, keep in mind between licensing fees, association fees, e&o insurance, mls fees and all the other required fees you are looking at almost $4,000 a year to maintain your license.  

For some sellers, there's only different degrees of losing.