It might require a security exemption, however, which is something you should check with your attorney.If legal in your state, you can fractionalize your loans -- also called a multi-beneficiary loan.

You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

If that happens, check with your agent about insuring the property on a Commercial Insurance form (Business Owners or Package policy).  

Check out meet-ups in your area as well.Good Investing...

Check the Chicago laws to see what your  options are as far as saying no. 

Check with a local title company and ask if they'll insure title and if so what would the requirements be. 

If you choose to talk to them check your tone to ensure its set to the friends or family setting. 

Much cheaper than a garage and checks the same box for a lot of tenants (at least here in CO, keeps the sun and snow off).

Check with your lender, but the 203K requires work to be done by professionals (at least the major stuff required for them to release funds) to be done within a certain time period.

3) Check out some of the local meetups that you can find in this forum!