Determine your goals (specific! 

But, still a different from my active, SchC income activities.Not sure what is your real estate income that you are specifically looking to offset. 

However, an essential exception emerged in the 1990s, allowing specific rental income to be categorized as non-passive.

Interesting @Joseph Konney...is there a specific Chicago bank or lender that offers that type of discount? 

Even if the property isn't your primary residence you may still be eligible but you need to meet specific IRS requirements (the most common is to live in the property for 2 of the last 5 years, but there are others).

Any term specific insights such as LTV, rates, length, length of shown revenue needed, specific lenders that have a product for this and most importantly how they valued the property. 

Some insurance companies don’t cover vacant properties and make you buy a specific empty property insurance which is much more expensive as they’re afraid water leaks  in an empty property will do extra damage before being discovered.

Many states have adopted laws specifically for contractor fraud.

Ive been reading on here that you shouldnt be naming your LLC like xyz properties or xyz investments, because lenders wouldnt be apt to invest in you, but what is the specific reason for that?

I would need to know both you and your partners specific situation on how to best advise on distributing capital out, but as @Basit Siddiqi Mentions consider the basis limitations and then create a plan around how profits are going to be used.