18 YEARS OLD, and I need help Navigating through my first deal.

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Hey guys! First off, thanks for clicking on this discussion. All feedback is greatly appreciated! This PAID OFF  property was given to me by my grandmother once she got her new house. 

• MY ASSETS
• My father is a Guru when it comes to anything having to do with construction. electric, framing, plumbing, painting, roofing, ANYTHING. I've been showing him BP In-order to open his eyes to the 80/20 rule so that he can learn to delegate jobs instead of trying to be a one man crew. 
• My grandfather currently operates an interior designing company that has been established for years.  
•  My grandmother operates a small home cleaning business and a Carpet & Upholstery protection service.

My family has had all the puzzle pieces laying around for years but nobody decided to put them together ..until now (:  ALL THANKS TO BIGGER POCKETS!!!

• PROPERTY INFO
• Single family
• Built in 1964
• 1,328 SqFt
• 3 bedroom / 2 bath
• Beautiful lawn "My grandma loved gardening"
• Carport that fits 2 vehicles
• ZESTIMATE $118,524   COST OF LIVING IN WEST TEXAS IS EXPENSIVE!

What needs to be done...

As of right now this property needs some work in order to get it into proper rental condition.

• CENTRAL AIR ( I'd like to get rid of all window units )
• REPAINT ( to a more neutral color, another words NOT PINK )
• REHAB ONE OF THE BATHROOMS COMPLETELY ( Average size restroom )

I would like to do a cash out refinance on this property and take out 80% of the appraisal value in order to cover expenses for the updates to the property and to have some capital to invest in another single family home or possibly get into flipping with my family.

Again i'd really appreciate feedback! I just want to make sure i go about this the right way. 

THANKS BIGGERPOCKETS FAMILY :D