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'm a very analytical person who won't start a new venture without first gaining a solid understanding, establishing the right framework and connections, and ensuring that I'm securing a great deal.

It sounds like you understand that you can only 1031 the real estate and will have to pay tax on the portion allocated to the business FFE. 

You will be able to learn the ins and outs and really understand how to provide the best guest experience.

Don't ask on this thread, as most tax strategies require a good understanding of your current and future tax situation first.

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.

(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. 

I tend to do a quick dirty look at a building like JW with price per door, but after that sniff test, I quickly like to understand $Cost/SF and $rent/SF.The way I look at a single family, 2-4 units, or a 20 unit is all different, but the end result is still ROI or IRR (over time). 

. - 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? 

I understand not buying more up there, but your initial investment there will turn out well.You can check out the BiggerPockets video podcast and leave a comment if you have questions.