. - 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? 

I'm a very analytical person who won't start a new venture without first gaining a solid understanding, establishing the right framework and connections, and ensuring that I'm securing a great deal.

It sounds like you understand that you can only 1031 the real estate and will have to pay tax on the portion allocated to the business FFE. 

A good lender should understand that.

It's all noise because you shouldn't invest until you have a foundational understanding of what you are doing.

Thanks ChrisIt would great if you could help me understand the type of data analysis needed and if you need such service which I can be of help.

From my understanding you would have to sell the property as a business...a resort style destination with a number of amenities and places to stay.

I understand why you want to avoid a HELOC.

Have some real estate under my belt but looking into Short term rentals opposed to long term rentals.Wondering if there is a stand out book to read to gain understanding for Australian Short Term rental market/AIRBNB.Also if there is a specific group for Australians and short term rentals for Australian market/Australian tax system etc, do point me to that.Rod

We focus on CapEX before beauty. as a realtor we understand selling or renting homes you have to make the home function, Roofing, windows, electrical and plumbing. after we address these we focused on beautify making sure the upgrades match the area and is forward thinking with color scheme, flooring, and flow.