It would be smart to do a full lease audit, estoppels issued, and tenant interviews.And if you are buying cash, there is nothing mandatory, since it is your money at risk. but again, physical condition inspections, understanding of tenants (they are a great source of information about issues with the property that the landlord may not know or may not disclose), surveys to understand accurate property lines, etc.

First @Melanie Johnston thank you for the information!!

Thanks for the information.

OK, I see lots of information that I did not think about.

Did the book provide enough information to get started such as contracts, tax liability information? 

. - 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? 

Quote from @Marc Cohen: Thanks Kevin, appreciate the information.

Send me a DM so we avoid cluttering up Kent's thread, I'll send you the information. 

Welcome to the community and be ready for a huge amount of information at your finger tips.

I would like to receive more information on this from real investors