Purchase price: $165,000 Cash invested: $40,000 Sale price: $273,000 Purchased off-market property and completed a renovation to include the following: minor structural repairs, minor changes to floor plan, complete interior painting and floor refinishing, gut and redo kitchen, various landscaping improvements, deck repairs, all new hardware and light fixtures.

There's so many other things to consider: cleaning fees, taking inventory after every guest, utilities, etc. 

If the difference is more, you need to find the receipts for all the improvements you did on the property to reduce the amount of actual gain as much as possible. 

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.