What's the purchase price? 

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

We have some capital and are looking to possibly purchase a small hotel.

Gain is your net sales price minus your adjusted cost basis (purchase price plus capital improvements minus depreciation). 

@Ethan Slater here's some info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Quote from @Jared Goldwasser: I live in Los Angeles and am looking to purchase my first investment property this year -- interested in single family or duplex units.

Are you wanting to purchase in the same area of Chicago?

Right now, I am renting but have a goal of purchasing a duplex, triplex, or quadplex in the coming months.

Purchase price: $74,000 Cash invested: $25,000 Sale price: $145,000 I acquired a property from a couple needing to relocate, with significant repairs required.

You're gonna want to be around $400k purchase price to be in a good area too.