It takes a lawyer 5 minutes to draft up the articles of incorporation and maybe 2 weeks for you get everything back from the secretary of state.  

should I incorporate first then get the insurance to ensure name matching ?

@Jacob M Gottlieb You: if it makes sense not to just create an llc and buy property that wayAnswer: This is a common question and a good one :) The answer is it depends and it may not be your choice.Generally, buying through your personal name can reduce the interest rate - commercial rates on LLC mortgages are usually higher but you can research thisMost LLCs on incorporation don’t have any credit so it may be difficult to find.a lenderIf you own the property in your personal name you are exposing yourself to more risk and will want to transfer the property into LLC as soon as you canIf you own property in your personal name and transfer to LLC the lender may not allow or can call the entire loanLLC or personal you need insuranceOne solution to the above is to buy the property in your personal name and immediately transfer it to the LLC after closing, but you will need to get pre-approval from the lender before you buy a property and plan to do this since not all of them allow this.

If we should do the LLC, does it make sense to incorporate in Colorado (where the house is) or Minnesota (where we are)?

While they may not be suitable for every investor, those willing to explore beyond traditional options might find that incorporating alternative assets into their portfolios adds a layer of resilience and potential growth and actually be safer than exposure to the stock market as you potentially own a physical asset.As with any investment, thorough research, understanding risk tolerance, and seeking advice from financial professionals are crucial steps.

So the big question is SHOULD I INCORPORATE OR NOT?

Generally, you can have one incorporation in one state and then do business in other states without incorporating there.

Rates have been coming down already to date, maybe early 2024 you can look at refi this place at a slightly lower rate, get what's left of that roof loan incorporated into it plus a little more to cover other expenses.

Does anyone know a bank will incorporate 321 with physician loan in IL? 

Incorporate your business.