If you are not implementing a value add strategy, you would probably be better served putting a mortgage on the paid off property and/or getting a HEL (home equity loan) as both are fixed rate debt.

I would try to make sure a title company is involved, because if you go to sell it later, the title company for the sale may be too conservative about deeds that were recorded without being part of a title insurance policy, if that makes sense. 

Bank rehab loan.

My company leases a property from a private landlord in Glen Ellyn, with permission to sublease.

Looking for something that helps factor in all variables, fixed costs, interest paid on hard money loans, reno costs, etc etc. 

This city is experiencing rapid growth, with many large companies planning to move to the area in the next few months, which will result in an influx of new residents and a wealth of job openings.

HVAC company?

Conventional loan, multi-family, and first time home buyer

In other words, would a mortgage company have a problem with me using a HELOC towards the down payment? 

A VA loan could be used to purchase a 1-4 unit property as long as you would occupy the the property.