jpark,
I posted the problem on numerous forums with no resolution. I finally just deleted the entire installation and started over. The install was absolutely flawless the second time. By starting over, I mean on the entire website. I tried to just delete the Community Builder and reinstall, but that resulted in the same problem of not being able to edit profiles.
If you are not too far into your web development, you may want to consider just starting everything over. I know it is not a good solution, but it worked for me.
Cheers,
Steve