The approach Dan described is a possibility but you face two critical things: 1. you need to find a lender in the current environment that wants to fund your deal and that will only work if you have the ability to carry the property.

ability to do subject-to plus buy and hold goals for the year How did you find this deal and how did you negotiate it?

Got a new solid tenant within a week.We found out the old tenant shortly thereafter stop working so likely would have had the ability to reside in the property without paying any rent for the entire remainder of the original lease term because of Covid eviction moratorium and court closure, and then court back log even after the original moratorium ends.We just got lucky (or feed up with frustration) by taking proactive steps to remove a problematic tenant.

I have her DL, SS# (hopefully she gave me the right one :-))- Apart from keeping pictures, notes of damages , and a bill from handyman, sms exchanges, late fee records, anything else I need to do to strengthen my case infront of Justice of Peace court.

The other thing we like about Chicago is the ability to take advantage of Chicago being a transportation hub- Direct flights to other cities we've invested in.  

However due to my current profession I don't have the ability to manage and all of it will be 3rd party managed. 

I have an arsenol of private, commercial and institutional lenders of which to choose from that allows me to pick and choose which fit each client's needs and abilities to meet the debt requirement.

One very neat feature of BP is the ability to go to an individual providers profile and look at their references. 

In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.

It sets you up with being able to get your feet wet with a soft flip, passive income when it's done, and the ability to provide funds for the next project.