Hi,I'm looking for a CPA to give advice on a tax situation in the southwest suburbs of Chicago.

I know that most home loans require you to live in house for at least a year prior to renting out, so my question is on how to work around this and be able to rent out the property soon after purchasing?  

I glanced at your numbers and the property taxes are about $2k per year.

You can start with the city website www.coj.net for the building department or property appraiser or the tax collectors office www.taxcollector.coj.net As for the structure of your deal just read the forums about llc v Incorporated and all the good information that can be found in there.One other thing I did with my units that many may not agree with is that I get a general liability coverage for each llc related to that llc and I would get an umbrella policy for you as well.

Most of the specialty cost seg providers will do an upfront analysis and give you a range of the potential deduction and take into account your federal and state tax bracket to determine the tax benefit.  

@Brian Eastman    Thanks Brian for your response.Being in California, the $800 annual tax on the LLC isn't great, but I'm willing to pay it if we need to go the LLC route.

If they purchase a house in your area, you could have the judgment attached to the property (I have done this before).Lastly, I have heard that you can 1099 them so they could be forced to pay taxes on it.

Thus, my tax return will reflect the higher income in order for me to make purchases without the need for a W2.

Sure, unless you 1031 and defer the tax liability. 

City permit means nothing, it's just a tax.