I am a high earning W2 employee and switching to independent contractor (hopefully earning more). 

There's generational wealth transfer and tax considerations as well to consider as these types of transactions can by synergistic if done properly.

Interesting analysis, and it's why I avoid the deals where the bulk of the GP earnings are made regardless of the deal's performance.

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

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.

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.

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. 

@Taryn Hansen As this is a real estate site I’d have to say rent out the house and keep it and watch it appreciate in value while you earn solid cash flow and get tax benefits.

I am planning to hold the property for next 10 years and I am looking for future appreciation and future low mortgage rate to earn money on this.

No advice as I think my savings account earns maybe 1%, so I'd also love to hear from others.