I do land acq. and construction loans everyday so if you have any q's when you get close to breaking-ground, let me know! 

. - 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 @Feroz Penangwala: Hi everyone, I’m curious—how many of you are actively closing real estate deals right now?

Good luck  I cant see why anyone would want to try to wholesale in these markets one its illegal without a RE license in CA just read the regs.. second you do all this work and nothing closes because you cant get deals good enough..

I'm trying to track down the title company from 2004 (which looks like it may have since closed).

Unless you have cash backing of your own to buy and a solid commercial buyer's list, these deals are unlikely to close.

Is your previous lender a family member or a close friend? 

Well, closing your account so quickly certainly doesnt help the attemp to network. 

You would also want to ask what is your current rate, what rate can you get, what are the closing costs that are involved including points, ect.

For instance, if I buy a house 20% down, 5% closing prep costs where the rent matches the mortgage, interest and tax and assume a 5% rent growth and appreciation, I'm expecting an 11% total return which is just not good enough for the hassle involved.