It is frustrating for investors right now who are looking in markets with high demand and low inventory. 

If the investor had to sell right away for $240k, with closing costs and commissions, they would most likely lose money.The other key point is without any improvements, the new appraisal will be $205k, the price you sold it to an investor for, not the $240 comps in the area.Wholesaling works best if you can find an off market fixer and the rehab the investor puts in forces a significant improvement in value.

I'm very handy and have experience with doing minor rehab work (new kitchens/bathrooms, flooring, paint, landscaping, etc), so I'm not afraid of a deal that needs some improvements.

Immediately adding capital improvements.

Flipping houses seems ideal since I worked in home improvements for 5 years, including owning a construction company as a general contractor at one point.I never initially invested in a multifamily because, in my area, they are all in bad areas.

Check your credit scores online - see if there's things you can do to improve them. 

The two reasons I personally like the Chicago market is the wide range of prices and the amount of old inventory that needs to be renovated.  

I've read that the interest from the cash out refi mortgage is NOT tax deductible UNLESS it is used for improvements for the home.

Here are few questions that come to mind..What kind of improvements/renovations did you make while you were actually living in the home?

On the issue that just arrived today, the entire front page is "Skyrocketing Housing Prices".Some of the points made in the article are: “What we are living with now is a result of and reaction to the Great Recession”“Add to this whole mix the pandemic, and it is the low-wage earning service workers that have been most hurt and that causes a really big disparity in income”“Sellers have become accustomed to asking over the market value and getting it”“There is going to have to be more affordable housing, bottom line”"the city is discussing developer incentives to set aside a number of units in development for workforce housing; revitalizing older neighborhoods"Here is a link to the full article Low inventory leads to rising housing prices across Chandler, East Valley | Community ImpactWhat are your thoughts?