Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

Here's a revised response with a more structured format:---Hey JeffIt sounds like you’ve got a solid deal in the works, but I totally understand your concerns about the 5-year seller carry.

I hope that makes sense as i'm trying to better understand how to go through this process the right way and increase my chances of approval. 

I know I need to assemble a team, I know I need to understand markets and analyze a ton of deals, and I know I need to coordinate it all for execution with the right timing.

One challenge that may arise during the sale process involves third-party property management.

(Note: I'm not a lawyer, but this is my understanding based on my experience)  A human being will need to sign on behalf of the LLC and that human will need to have the authority to sign. 

They should have a process for this that will likely involve probate.

. - 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? 

But, understand the cost involved.