Thinking about buying a property in Chicago or Chicagoland to use as an Airbnb or short-term rental? Before relying on projected rental income, Illinois property owners should investigate local licensing, zoning, building restrictions, taxes, and other regulations that may affect whether short-term rental use is permitted.

A Transfer on Death Instrument, or TODI, can allow Illinois property owners to transfer real estate directly to a designated beneficiary at death without transferring ownership during their lifetime. Learn how TODIs work, when they may help avoid probate, and why proper preparation and recording matter.