Note though can only have 1 FHA loan active at once as was discussed earlier in this thread.

It's another tool in your RE investing toolbox, and you need to learn how it complements the other tools you have and how to use it properly.Plus, you should separate your asset holding entity from the active operations/property management entity.

Markets in greater Chicago area that are pretty active and potential.

That's in a sense is the question, how difficult would it be to claim QBI status for your mgmt activity, but not for your rental real estate activity - i.e., to avoid the offset? 

Do you want to be active or passive ?

I don't plan on engaging an agent I did a similar (not exactly) transaction 20 years ago and recall it wasn't too hard.  

@Cameron McCown there’s 1 more other property I’m eyeballing & currently active .

That entails both money and time, and she may not have had the opportunity to expend either within 5 days of the divorce.Were I in your shoes, I'd engage an attorney to draft the quit claim deed, inform the ex to contact the attorney's office and arrange a time for her to go sign, and that would be that. 

@Erik Dominguez I’m up in Denver and am active duty and happy to help in any way I can.

If the park is not active has no paying tenants and no cash flow it is worth nothing more than the land value.