Quote from @River Sava: Hey April - Refinancing after a year if there's limited equity depends on your goals—lowering your monthly payment, cashing out, or switching loan types.The process usually involves checking your current loan terms, appraised value, and credit situation.

I get it.. the deadlines can feel stressful.

Sometimes things just happens and if you can walk away with a little gain but get out of a problem situation you call it a good day!!

This situation can be tricky, especially since the guest has been staying since July with consistent two-week renewals.

For example, I know a lady in my local market that is very successful in the land business and has developed a niche that cashflows very nicely, without a lot of stress, as she puts it though I can't imagine how that is possible. 

Your cash flow situation has just gotten worse.  

I'm not the fair housing landlord expert but I'd probably steer away from referring to it as "veteran housing"Either way I can relate to your situation a little because I also own a house that is shared by multiple people.

. - You've got some pretty solid information above and concurrence that it shouldn't cost nearly as much as you thought, but on a separate note, I'd like to understand your situation a bit better.You are currently just looking for a Chicago property to purchase and asking the quit claim question in preparation for closing? 

But, here’s a situation in which having my properties in SEPARATE series of an LLC saved me enormous time, aggravation and money.in 2012 I purchased 5 individual high rise condos in different buildings in Phoenix, AZ.  

You'll want to talk to a local probate attorney to see how much time that could take.If the squatter is not making mortgage payments, you've got perhaps another month or two before the lender begins foreclosure proceedings.In your situation, I would approach the squatter to see inside the property to assess the condition.