Use a quitclaim or warranty deed to transfer the title, and be prepared to pay Chicago’s transfer tax, calculated at $7.50 per $1,000 of the property’s fair market value.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

20% down, mortgaged the rest through a local bank How did you add value to the deal?

During this time, I found myself unemployed and having difficulty finding a new job due to not completing my degree or having formal training beyond high school or military.

We have allowed tenants to resolve past due debts or provide letters from previous apartment complexes confirming that damages or unpaid rent were not their responsibility.

It's just a single family home so the rents don't effect the appraised value.

How did you add value to the deal?

Quote from @Tim Baldwin: @Nathan Gesner, that form should not be used, as it provides for 60 days notice to terminate a month-to-month tenancy, which FS 83.57 only requires 30 days.It was a ten-second search for an example.

I'm looking for the cleanest & most visible way to access payment history, see amortization schedule, tax documents, etc- much like bank softwares provide. 

High rental demand (Section 8 too).