I'll have to try it out some time but I live in the Heights so it's a bit of a trek for me to get to Pearland for some doughnuts! 

Are there restrictions on receiving money from non-accredited investors or other restrictive rules or is it a pretty open financing opportunity given you complete the paperwork?

Hi, I'm looking for recommendations for investor friendly Property Manager who serve the W suburbs of Chicago, from Glendale Heights, Wheaton, Auroa, Naperville, Bolingbrook etc.Thanks in advance 

Unless you can afford and want to stay in West U, Bellaire, The Heights, Westchase, etc. you will find lots of commonality in the types of neighborhoods and price points outside the beltway.

Regarding the realtor, do they have access to this "historical" data which is otherwise restricted from someone like me without a real estate license/MLS?  

You most certainly can use a conventional loan with a few restrictions...you have to hold the property for 6 months minimum and the property needs to be in a livable state (so more of a cosmetic fixer as opposed to anything structural).

You are relying on the management of the condo association to do a good job, and risk running afoul of rental restrictions and financing restrictions. 

Too many restrictions, too many deductibles.

This is very similar to the 203K loan, but it is for investors and has a lot less restrictions.  

You can borrow money from it w/o restrictions as to usage, and you won't be subject to UBIT/UDFI for leveraged investments.