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

Don't be that person.  

No personal income or tax returns are required.

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.

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

However, as we delved deeper into the project, we realized that a complete remodel would be more beneficial.

Maybe we can help a lot of people on this Bigger Pockets platform.So if you are an experienced investor, flipper, or buy and hold person?

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.

I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

Non-recourse has less personal exposure, but you need a very strong balance sheet to secure this without bringing in a KP.