If there is a due on sale clause in the loan doc then it doesn’t matter what the loan officer told you verbally.I’m not an attorney, but from my understanding of the loan is still in your name personally a good litigator can pierce the veil and your LLC protection wouldn’t amount to much.

I personally know several blue-collar millionaires from HVAC techs to plumbers.

Don't be that person.  

With a Conventional Loan you can buy a SFH, Duplex, Triplex or Quadplex with as little as 5% Down if it is your primary residence as long as you have the intention of occupying one of the units for 1 year after closing escrow.This is the strategy I have personally implemented and have assisted many of my investor clients in doing the same. 20% Down is also beneficial as it keeps your payment low but it does limit your ability of buying more real estate faster.i would be more than happy to discuss the different strategies with you over the phone or in person.

The interest rate on a HELOC or Heloan may be better than the personal loan. 

I have a situation where a person I know is moving out of the country and would be looking to put their home for sale in the summer.

No personal income or tax returns are required.

I personally think being a landlord in Chicago is easy and I have never had an eviction. 

Not that it cant or wont, but unlikely.If OP applies for homestead on a new property, then I personally would not lie during the application about receiving the exemption on the existing property.

The person who comes into money but not a lot of experience in real estate should be a little more cautious right now.So overall, I am not saying - do not buy, I am saying be careful.