Did you get a quote for this amount?

That is not 7% of the profit but 7% of the total amount given to the seller.

There is also a solid amount of inventory north of Oak Park in neighborhoods like Elmwood Park, River Grove, Franklin Park, etc. 

You can possibly work with the seller and put an agreement together that if you pay the deficit in full and whatever they want on top of that amount then you can take ownership of the property.

I have found most management companies take 10% rent plus one half to one full months rent amount when filling a unit.  

Sell it and with the amount of hours I put in, the 25kish income would hardly make me feel good. the rental market here is BOOMING. so I could get top dollar as a rental.

Without that, prepare to spend a very significant amount of time chasing deals.If you have no startup cash at all, you're probably better off looking for a local partner to work with for a cut of the profit.

(A recorded trustee's deed (or similar alternative) confirming the amount paid by the grantee to trustee may be substituted for a settlement statement if a settlement statement was not provided to the purchaser at time of sale.)The preliminary title search or report must confirm that there are no existing liens on the subject property.The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the settlement statement for the refinance transaction must reflect that all cash-out proceeds be used to pay off or pay down, as applicable, the loan used to purchase the property.

So I've heard about the 1% rule & 2% rule (or guidelines) when purchasing a rental property: the monthly rental rate should be 1%-2% of the total amount you have in the property to make it a good investment. 

Currently I have a good amount of money saved up (I believe) to start.