Here are some of my initial thoughts that has pretty well held solid and possibly even become more solidified. 

Yes pretty common, minimum downpayment is generally 25% (occasionally that 20% will work) but just depends on your situation.  

@Jen Hoang, you're pretty much on the nose if you want to defer all tax - you must purchase at least as much as your net sale and use all of the proceeds in your purchase or purchases.

. - 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? 

@Eric Chappell this software does seem pretty cool.

Actually pretty safe, another 20 foot higher than this flood stage.  

@Henry Clark- Yes, your ideas are pretty much exactly what the engineer recommended after he inspected the property.  

Pretty much my first step should be work as a loan officer and then the rest will come to me?

I'm pretty new to the game and would love to get some advice from more experienced investors here!

You may feel like a 6-7% rate is "high" but it is historically a pretty average rate.