Also considering a coastal STR in some of the smaller beach communities.That's great!

I plan to purchase another Multi-family in the next year or so (sooner if the right one comes along).

. - 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? 

Purchase price: $150,000 Cash invested: $1,500 A month ago my banker (who's is also also an agent) from my home town where I have other properties called me and asked if I wanted to buy this house.

Hello everyone, I purchased my home two years ago, and currently, I have a tenant renting a room for $800, which helps cover my mortgage.

As you narrow down your REI type, try to do the broad review approach to see if you have the resources to do that type or scale.  

Congratulations on the successful purchase.

Purchase price: $350,000 Cash invested: $50,000 Sale price: $550,000 I acquired this property in 2015 and used it as my primary residence for two years.

The most expensive exchanges are typically "one offs" done by an an attorney with no economy of scale which is a direct result of little direct experience.However I'd also counsel that you not simply look for the cheapest "fill in the boxes" internet intermediary either.  

You’ll have a better feel for property values, rental demand, and rehab costs in areas you know well, making it easier to manage and scale your investments.