@Demetrius Davis I can definitely understand where you're coming from as a broker, but like some on here has said there are many sub-markets in Chicago.

I echo Ryan's comment on AMI, they have been great to work with in the past and they understand real estate investment construction (where to spend money for return, where to save, and what finished are durable for renters).

After I visit, I always sit down with them, I fill up my renovation cost form, sometime I bring comps, and I do all my calculation in front of them so they understand the price I'm offering.The only time the seller felt insulted was an old Haitian women that sought I was racist, but that was mostly a cultural problem.

Hello AllI understand that in general there is a 6 month period to close the replacement property.

He's only had the property for a year and to my understanding this is his first/only rental. 

Be sure whoever you go with understands that market.

So I understand that, but just wondering if there are other ways to structure this so that I retain ownership of these properties outside of the retirement account. 

@Frank Lodge  I can understand it taking time to find good deals but just know they are out there and don't give up.  

My questions are:1) Is their a good formula to understand what a fair price is for this property?

It seems that not paying your rent can get things moving pretty quickly, but understand that there is also a robust defense system here in the county.