In your circumstances, the owners will 100% have to personally guarantee any loan to the LLC, so this won't be an issue.

We just had an conference call on this and a wrote a forum post yesterday about this exact circumstance and loan product..check in with @Joseph Chiofalo

Whether the client is acting as a buyer, seller, or bank in a loan transaction will affect the due diligence procedure.

Brokers (versed in these development deals to help you negotiate the right contract terms), Lenders willing to fund a construction and permanent loan, architects & engineers vs in land development to help site plan the project, contractors to price the project to help dial in your UW. 

We are using a hard money loan at 9.9%. 

Bank said the land was only worth 200k and that’s all they would loan.

Most people will get the loan and then quit claim it over to the LLC.

I am also needing to get my loan team dialed in...So, do you also have recommendations on national banks (obviously I'll check banks local to the deals I find), but would like to start with national banks who specialize in this space.

I'm definitely new and I don't have all the logistics planned out this is just the vision now I'm trying to backwards engineer and figure out my steps I thought my first step would be to househack a 4-Plex on an FHA loan and then graduate to six or 12 units and then move on to bigger properties most likely outside of Chicago to your point. right now I am very confused this is the second time someone has said that four unit is not like a six or 12 but I'm not really sure in what ways is it the underwriting is it the management is it literally every aspect of it.

If you go the LLC route, PM me up because my wife broker's commercial deals which are much cheaper than DSCR loans and you can't get a Conventional loan in the name of an LLC.