However, if somehow you do get the opportunity keep in mind that if you are caught committing insurance fraud in Illinois of between 300 and 10k you will get to enjoy a minimum two year sentence in prison. 

Just a quick comment that most banks (conventional lenders) will not lend to an LLC so keep that in mind for your planning.Also, you mention living "practically debt free" while in the same sentence state you want to use the bank's money for investing.  

(if you don't know how to finish that sentence, there's your problem.)

The note has about 5 sentences, that's it.If I read your OP correctly you have 5 pieces of real property as security. 

I do BPO's and if you want me to take a quick look at it I can give you at least a ballpark ARV in about 20 mins.The first two sentences of John's reply should be headed by all wholesalers.

I have money saved but it is SAVED because I am, within the next two months, getting my real estate liscence, quitting my day job, and diving into being a full time Realtor, so point being I may need to live on that money for 6 months to possibly a year while I get my "sealegs" and possibly earn little to no income (amazingly long run-on sentence, sorry).

If selling to homeowner, you should use a RMLO in that state, who will do all the due diligence for you on the buyer and not accidently violate a plethora of laws.Please clarify your 2nd sentence; it is not making sense.

One thing I can suggest right now is that your use of the word "flip" and 1031 in the same sentence won't work.  1031 exchanges are only available to investors who purchase property to hold for productive use in business trade or for investment.  

Using those numbers and saying cleveland in the same sentence could be bad.

It doesn't matter to me if a page is dog-eared or if somebody highlighted a sentence, the words are exactly the same on the page.