First @Melanie Johnston thank you for the information!!

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

The information contained in this post is not to be relied upon.

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.

It's chalked full of information, calculations, and advice.

Remember to conduct thorough research and consider market trends to make informed decisions.

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

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

Thanks for the 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?