So technically the Federal Reserve is independent from the government...  

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.

If the LLC has two or more owners, the LLC will file a federal and state income tax return.  

No state or federal tax filing will be required, unless there is some kind of state franchise tax (none in Colorado, for example).The tax reporting liability of the LLC flows through to the IRA, and the reporting is handled by the IRA custodian using standard form 5498.  

Non-accrual is federal, UCC in seizure of collateral of a secured debt.The accounting may differ as to the security interest taken, being a Trust state or Deed State and the type lender, lenders go to a non-accrual, a private lender be not be under the requirement.    

Just received this from one of my mortgage contacts, thought I'd share:The Federal Housing Administration's (FHA) Office of Single Family Housing announced that "the temporary waiver of FHA's regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, expires on December 31, 2014.

Or I just use my IL LLC name for all lease documents etc. and file IN income taxfor my LLC at tax time along with my Federal and IL tax return for my LLC?

If you have a good rental agreement it should have a section stating that "the tenant must follow state and federal laws."

What’s NewExpiration of the Federal Housing Administration’s Property Flipping WaiverToday, the Federal Housing Administration’s (FHA) Office of Single Family Housing announced that the temporary waiver of FHA’s regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, expires on December 31, 2014.

On the internet, you'll find dealers, buyers, sellers and illegal brokers telling you everything is legal, actually, they can't know as each state has its own requirements and in addition, you have federal aspects.