And can someone recommend good and inexpensive (or should I say not too expensive) CPA and lawyer, knowing that I don't want to spend a lot of effort and money on setting up a structure for what could be the only operation of this type we ever do?

The 12 month seasoning you mentioned, is that the standard timeframe in which an investor should consider to reposition a NPN?

You borrow the $20k downpayment plus $5k in closing costs and $5k in rehab costs from your HELOC also at 6% (note $5k in rehab costs in nothing so the house better be newer and in great shape).Let's say you rent the property out for $1000/month and using the 50% rule you have $500 in expenses each month.Your mortgage payment will be $480/month.

Closing Time Frame: How quick once they receive every document from the borrower Appraisals: Cost and how quick are appraisal being performed?

insurance estimated to be around $25 a monthRepairs estimated at $100 an monthCap X I put at $200 a monthand I included property management just in case i decide to go that route at $170 a month.Zillow says the mortgage would be about $188 a month That would put a total of $1003 a month in expenses and 1200 a month in rentcash flow would be $197 a month if all the calculations make sense.total cash needed would be $11,880. 

Unless filing for eviction is inexpensive where you are or you don't really want them to leave, I would follow through with the eviction-you already paid for it (and get to write it off as a legal expense). 

In the contract we gave ourselves 30 days to find a buyer and couldn’t within the time frame.

I personally don't have a specific time frame but i'm excited to see other replies.Cheers

A similar order may apply this year, keep your wallets ears openPrevious post https://www.biggerpockets.com/forums/52/topics/247945-typical-eviction-time-frames-for-chicago

With a conventional loan, you could absolutely get into a SFH and rehab it with 30-40k in the 6 month timeframe you noted.