understanding expenses/taxes/legal set up in Illinois

[Mike R.]

hi

making a long story short, we are considering investing in Illinois given family issues (these will be long distance investments), but don't know the ins and outs of owning multi family property in that State.  Can someone please provide answers to the following:

• does the state require a business license to own multi family property? is that a city/county issue? we hold our props in an LLC so we would expect to do the same in IL. anything i should be considering?
• what taxes are typically paid against multi family/investment property income?  i know IL has an income tax (that will only increase!!!) but are there other taxes like B&O or fees we need to pay?
• any unique requirements on insurance?
• can you sub meter?

i am sure i didn't ask something i should have but i don't know what i don't know so any other considerations you think i should know about is appreciated.  thank  you very much!!!