The credit unions in my area only work with bigger companies so just know I have already reached out. 

You could be eaten alive without knowing for months.

Let me know what you think!

Ask me how I know?   

So, that adds to the risk more-so for a novice who doesn't know how to factor in that risk. c.

You should connect with @Brie Schmidt as she knows and understands the Chicago zoning laws, but my gut instinct would be that you would be better served looking into a duplex down scenario.

I know some will differ here but I will offer my personal opinion like many others have.

The owners just bought the property, not knowing the prior owners had been banned and the property blacklisted.

Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle. 

So in the words of Clint Eastwood: "A man has to know his own limitations."