We were about to make an offer for one of the multifamily in Glendale Heights and when asked for original receipts, bills and other documents, the seller was very selective with regard to what to share and what not to share.

Creating a partnership between the Roth and Traditional IRA can be done, but it comes with additional restrictions and administrative requirements. 

Any other restrictions or limitations on your operations?

Some don't, some may charge you a fee or have restrictions on the type of tenant,  and some HOA might not be financially sound which will cause a problem for your mortgage lender. 

I'm new to the investing arena and absorbing everything I can from these forums.I'm also from the Dearborn Heights & Farmington Hills area.Been in Tampa now for the past 13 years also

(there isn't any product being moved or sold so its a no pressure thing, just informative) I am curious to see if they talk about any upcoming restrictions that may pop up. 

To answer your question quickly, no you will not be restricted to 50% LTV when refinancing the current debt as you transfer title from your LLC into your name because you own the LLC 100% (min 25% ownership is needed) so as long as your LLC has held consecutive ownership in this property for a min of 6 months prior to the disbursement of the new loan (AKA prior to funding).

Will County) would work better overall.There are some opportunities in Glendale Heights, Auroa and Westmont - B class neighborhood with reasonable cap rate.  

Are there any restrictions from the US government or IRS or anything I have to be aware of? 

There are so many guidelines for so many programs that a lenders office can look like a law library if they chose to print and bind each program independently.The initial statement referencing the loan amount being restriction to not exceed the initial purchase price is as indicated above based on the "Delayed Financing" program.