If you don’t, maybe work with or for an existing company first for awhile?

@Jordyn Ohsnot enough info to helpbut if you're using a HELOC for the down payment AND getting a loan, then you're probably negative cash flow given that's 100% leveragei would never do that unless i were going to refinance in the short term

Here's a breakdown on loan options to consider:FHA Loan: @Brittany Minocchi is right in looking at FHA option.  

There aren’t many residential development companies operating at this level, which reduces competition and risk.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

One your loans will be a higher interest rate, next you will have annual filings, the cost of a registered agent every year, and items like that. 

I've been pre-approved for a bank loan but haven't thought about someone with experience working with investors for deals.

Here are a few additional strategies that might help mitigate risk if you decide to rent the property:Hire a Strong Property Management Company: While you’ve already spoken with some PMs, consider finding one with extensive experience managing single-family rentals in Cook County specifically.

Quote from @Christopher Lynch: I recently watched an episode of BiggerPockets where the guest discussed how he started a real estate investment company and buys commercial properties with 0% down.

Several have mentioned utilizing low down payment second home loans for qualifying.