Go to this website to read more so you know what kind of questions to ask your attorney and accountant: http://www.cyberdriveillinois.com/departments/business_servi
Call me when you're ready to start making offers.
If you decide to proceed as an entity then, before you buy any property, you must speak with your lender (unless the corporation is buying with cash) to see if that lender will allow the purchase in an entity (some will, some won't); however, most will require a personal guaranty.
You will also need to speak with the real estate licensing authority in your area. Some States say if you are buying and selling real estate as a business, rather than holding the properties for long term growth, you are in the business of real estate and must be licensed. I am not sure on Illinois law so just check with the real estate licensing authority there.
Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206