I realize I should have done all this during my due diligence period but I'm learning as I go...

What we do with vacancies is open the listing for a set period of time and tell all interested parties when we're making a decision.

I believe you can create an LLC here in Illinois.Also, you probably don't need an LLC period unless you have a large number of assets to protect. 

Hey all! I live in NJ and I wanted to know when I can legally live in another property. I recently did an FHA refinance and am required to live in my current 2-family for at least 6 months. We closed in early November...

No waiting period required but the property should be in livable condition. 

Thus, giving him an advantage over the person who starts infinite banking to get into his first property in a shorter period of time.

Even a blind person is only allowed one guide dog at a time, except for short periods where a new dog is in training to replace the old dog.

Different lenders/banks have different seasoning periods--i.e. the amount of time you must wait from the original purchase in order to refi--but it more than likely will not have to be 2-3 years if you have the equity available sooner. 

Is this the only option and what is the most efficient way of accomplishing this (quit claim)? 

You are not allowed to rent my property to other people, period.