Does anyone have general thoughts on this strategy? 

You got this and good luck!

I'm trying to see what are my options as to how could I structure a deal for the renovation of this project and the potential partnership when it’s completed .

I don't know if credit unions can ever do this stuff?

if you don't know what this is, look it up.)how it benefits you: you pay yourself back - you pay back the cash you spent with the cash from the brand new loan.

In short, this would be an entirely appreciation-based investment.Given the state of the economy today, with high interest rates and the seller-buyer lock out effect, I want to discuss the pros and cons of this investment at length, specifically in the context of all the other properties / neighborhoods that I have been evaluating. 

This was almost 70% higher than what the pro forma had stated.

It's hard to find a cash flowing rental in this area, but paying all cash certainly helps!

Most "traditional" or "free" type softwares out there couldn't handle the commercial address, and "commercial" specific softwares were exorbitantly expensive when I looked, now this was some 4 years ago now so perhaps there is a new player, but regardless that client jumped on hemlane, and I was able to get on as well as his leasing agent and he now has 8 units in total across a couple properties, both commercial and residentially zoned on the one dashboard. 

Establishing the LLC in IL first does not provide any additional benefits in this scenario.