However, I was told during loan process that for the 1st 12 months of ownership the lenders use purchase price, rather than appraised value for the "V" in LTV.  

For the purposes of section 1033, the term “control” means the ownership of stockpossessing at least 80 percent of the total combined voting power of all classes of stock entitled tovote and at least 80 percent of the total number of shares of all other classes of stock of thecorporation.(2) All of the details in connection with an involuntary conversion of property at a gain (includingthose relating to the replacement of the converted property, or a decision not to replace, or theexpiration of the period for replacement) shall be reported in the return for the taxable year or yearsin which any of such gain is realized.

If a lawyer tells you this is the case, you may offer her the three current properties in exchange for your sole ownership of any new properties.

The agent was armed with a letter from our mortgage servicer stating the change in ownership and their rights.

One of the things its spent on is subsiding real estate ownership.

It takes many years... unless you're rich to begin with and can be your own lender.Nobody is going to lend you millions for a 100+ apartment complex with zero landlording experience and "self-employment" and no current property ownership unless you've steadily been making huge verifiable income a year and have a lot of cash/assets of your own.

FTR they (Home Path originators) see thru the home ownership 5% down fake occupied/investors out there.

I'm a classical musician and part-time landlord in Cincinnati, coming up on 2 years of home ownership and managing my triplex.

Also, does anyone out there know who we could contact from the city of Chicago that would have information regarding the status of the demolition and/or updates of ownership?

What should be happening: the title company does the title work, guarantees there's a clear line of ownership on the title, title insurance company issues title insurance, closing is scheduled, final walk through, sign papers and transfer funds, get "your copy" in the mail a couple days/weeks later.