Once you have the LLC and IRS Employer Identification Number you can open a business bank account to track rental income and expenses. 

Quote from @Kelly Bankes: Thanks for this info, Rob.

Please consider this if you move forward.Additionally, you need to have a broker on payroll in illinois and three separate bank accounts with the security deposit trust account located in illinois.

You will need down payment money, You will need cash reserves Money, you'll need closing costs money, and you will need to get a bank loan.

But the struggle is real right now…  It will be challenging to find banks that will lend with less than 20% down.

I fail regularly but I have become more used to the fact that failing is a necessary part of success.

This is where the bank generally gets notice Title was changed. 

A lot of them didn't want to listen to sound advice from me, the person they hired, and projects went left and failed. 

I have a background working with banks, hedge funds and large infrastructure developers, and have been told my sales and negotiation skills could be leveraged in real estate, particularly in wholesaling.

The vast majority of "regular" or traditional (Conv/Govt) mortgages are originated by specialty lenders and brokers and are sold in the secondary market to provide yield on bank balance sheets (think Chase or BoA) or to be securitized into MBS.