If you're doing a 1031 exchange you'll have to close in the same name that the property you are exchanging was in. 

Nearly most of the newbies, close to the 90 percentile took bad deals and either had it foreclosed on or lost tens of thousands of dollars.

.- Most contractors will cut corners, or worse, once they figure out they won't be watched closely:( Your job will also go to the bottom of their priority list.Monitoring progress is relatively easy: hire that same inspector to go by weekly or before any payments to take a VIDEO of:1) What was done2) Quality of workmanshipOne other thing you didn't ask about, payments to contractors.- They all want 50% down or as much as they can squeeze out of you. 

I would be cutting it pretty close.

In return he will place the down payment, closing costs and IO payments during the HML.If the property is initially purchased by one LLC (Ours) and there is an active loan on the property, is it possible to register half of the property under the name of the investor's LLC as part of our model?

Closing costs, including recording fees, transfer taxes and HOA transfer fees, if any5. 

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? 

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..

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