Do I need a business license for out of town investing?

[Duane Greene]

I currently live in South Carolina and filed for a business license to purchase homes under. I will be purchasing a rental property in Chicago and was told I may or may not need a business license. My question is this

Do I need a business license if I purchase homes under a LLC whether in state or out of state?

What would happen if I purchased a home without the business license but later was told I have been operating improperly? Would there be major penalties involved?

Thank you all for whatever information you can provide for me