The Act requires for any debt collector that is not a bank, or lending or financing institution, to be licensed as a collection agency in Illinois.

I work Bankruptcy operations at a major financial institution.

What I am looking for is if there is creative way of raising sufficient capital (institutional?)...

But I bet your market is different, and you may have other events, businesses, facilities, or institutions which you can use for long-term rentals.

Are you considering "conventional" to be Fannie/Freddie or are you considering "conventional" to be long term fixed from a banking institution but not Fannie/Freddie?  

As the trustee you then can open non-custodial account at bank, brokerage or any other financial institution for your Solo 401k trust. 

Over the last year I have been the lead broker on an acquisitions team for one of the largest institutional investment groups in the country.  

I only ask as anyone bank, lending institution, private lender etc... would like to see that you are aware of what it takes to operate and sustain the business as you will be "owner occupant".  

So when you had these hot beds of real estate speculation and borrowers could walk with the only thing they lose is FICO score and in many cases they put nothing down.. well they just walked.. and it became like chasing a falling knife it just got bad and kept getting worse.on the investor side.. you had thousands of investors in short term notes that could not get refinanced.. and probably in your line of work syndicators and other institutional investors who were stuck and could not refi and the lenders chose to foreclose.. especially if lets say Rialto bought your little bank that went under.. they were brutal on chasing he security .

Some institutions have their own internal rules.