From my understanding real estate in big markets such as Chicago, Miami, LA, and NY is very difficult to make profit on because of taxes and other fees.

I check it with different zip code, the fees are different. 

In my area HOA fees run about $125-$175 a month which would cut into your cash flow significantly.

Before you pull the trigger Angel, reach out to Kevin Bupp. 

While you and your spouse may be able to participate in the same 401k and pull the funds together in a single investment - each of you will have a participant account and you must track the balance for each account. 

I would like to pull some money out to complete the work - about $15,000-$20,000.

You can refinance and pull that appreciation out as well and continue holding the property.

How long did it take you to pull the trigger?

ARV is 142,000Actual Rehab needed: 16,500Buying Selling Holding Costs/Fees: $12,000Realistic Purchase Price: $99,000Profit: $14,500I guess the market is lacking inventory so actual home-buyers are coming in and offering $130,000 and thinking they will fix it up themselves for $8-12k over a year or so and just live in it...

If you try to cut the agent's throat on the fee bad news travel in a hurry, and no one will work with you.