Ellis your response in particular expands beyond mere prose   wandering perilously close to the realm of literature, something one might have expected to read in a short story or essay :)   You are surely right in the observation that the fairness of the terms of a deal is always shaped and conditioned by whichever  side of the table one is sitting on.  

By your own admission, if 80% of the property is uninhabitable with the remaining 20% requiring renovation to get it in any sort of livable condition and you went to a traditional/regular bank, the response you got from the mortgage officer is sort of accurate.

When investors suggest using separate checking accounts for each property, that is an obvious admission that they can't manage money and lack basic business aspects to finance.

It is buy one, get one admission free.

Do I need to apply for an Application for Admission to Transact Business to register the LLC in Illinois?

That is irrelevant and no admission of guilt. 

Such powersshall include, without limitation, the power to:(a) Expend Limited LiabilityCompany funds in connection with the operation of the LimitedLiability Company's business or otherwise pursuant to this Agreement;(b) Employ and dismiss fromemployment any and all employees, agents, independent contractors,attorneys and accountants;(c) Prosecute, settle orcompromise all claims against third parties, compromise, settle oraccept judgment on claims against the Limited Liability Company andexecute all documents and make all representations, admissions andwaivers in connection therewith;(d) Borrow money on behalfof the Limited Liability Company from any Person, issue promissorynotes, drafts and other negotiable and non‑negotiableinstruments and evidences of indebtedness, secure payment of theprincipal of any such indebtedness and the interest thereon bymortgage, pledge, property of the Limited Liability Company, whetherat the time owned or thereafter acquired;(e) Hold, receive, mortgage,pledge, lease, transfer, exchange, otherwise dispose of, grantoptions with respect to, and otherwise deal in and exercise allright: powers, privileges and other incidents of ownership orpossession with respect to a property of whatever nature held orowned by, or licensed to, the Limited Liability Company;(f) Lend any of the LimitedLiability Company property with or without ­security;(g) Have and maintain one ormore offices within or without the State of Iowa;(h) Open, maintain and closebank accounts and money market mutual fund accounts, and draw checksand other orders for the payment of monies;(i) Engage accountants,custodians, consultants and attorneys and any and all other agentsand assistants (professional and nonprofessional) and pay suchcompensation in connection with such engagement that the Managerdetermines is appropriate;(j) Maintain such insurancerelating to the business of the Limited Liability Company, and uponsuch terms, as the Manager determines is appropriate;(k) Enter into, execute,make, amend, supplement, acknowledge, deliver and perform any and allcontracts, agreements, licenses, and other instruments, undertakingsand understandings that the Manager determines are necessary,appropriate or incidental to carrying out the business of the LimitedLiability Company.In exercising their powers,the Manager may (i) rely upon and shall be protected in acting orrefraining from acting upon any resolution, certificate, statement,instrument, opinion, report, or document believed by them to begenuine and to have been signed or presented by the proper party orparties; (ii) consult with counsel, accountants, and other expertsselected by them and any opinion of an independent counsel,accountant or expert shall be full and complete authorization andprotection in respect of any action taken or suffered or omitted bythe Manager in good faith and in accordance with such opinion; and(iii) execute any of his powers hereunder or perform any dutieshereunder either directly or by or through agents or attorneys.

If you're saying it charges a nominal admission fee that is probably needed to pay the venue that's to be expected.

Some  meetings are world class and well worth the price of admission even as a non-member.  

If you find topics around bias are not for you, feel free to use your scroll bar.Again @Ron Brady - I am still missing an admission of guilt?