I own a 2 flat (3 units)with basement unit on the west side of Chicago. 

Like how many "doors" they have in total vs how many individual units.

Some of the well known are USAA, Navy Federal, and Veterans United.

Hello,I'm interested in selling my 12-unit building in Chicago but I would like to sell it on my own.

Hey guys,I bought my 3 unit rental 3 years ago for 505k.

I did not know that 5-8 unit DSCR loans were readily available.

if you're looking at 1-4 unit properties, don't kill yourself trying to create an LLC just yet. find your lender first then see if they'll require you to close in an LLC or not. single-member LLCs do not provide as much legal protection as we would like to think, so if that's your reasoning for wanting to create one right off the bat, that's just something to consider. as far as a business license, AFTER you close on the property, call the town hall and ask if they want you to have one there bc you're collecting rent there. if you're using a PM company, they will probably say no. :)

You do not need a LLC for every property unless they are large multifamily assets in different locationsFor example worked with a company that had 5 buildings and 1300 units under one LLC.

I'm considering going to the bank and being completely transparent to ask for an increase in the rehab loan, but they have a much more conservative ARV in their appraisal based on much lower projected rents ($1,400 avg vs the $2,000 avg we're actually getting on the finished units), so I'd have to convince them of the higher ARV.  

You don't say where you live now but if you have the flexibility why not consider buying a scary, run down house or 2 to 4 unit, renovating it and then living in one unit and leasing the others ?