If you don't have a person/team you trust upfront, I don't know if I'd start with such a big undertaking (trusting their estimate to guide your investment purchase), but just my two cents.

You will need a team of contractors to complete a fully gutted house and trying to find a quality electrician, carpenter, plumber, roofer, window/siding team, etc all at once is going to a huge undertaking. 

It's a larger undertaking than people realize but hopefully in another year we will have made as much progress as we did this last year!

I can redecorate and maybe change the name from Baxter Crest Vacation home to Cozy Coho or the sleepy Salmon :)  I can also change up the beds.

Hire a professional remediation company to treat the unit itself (but not the basement - since HOA is responsible for this undertaking). 

It can be a big undertaking, but there can be good profits in it IF the numbers are right and you have done your homework to know what you are getting into.

@Tab Teehee tremendous undertaking!

___Chapter 4735: REAL ESTATE BROKERS4735.01 Real estate broker definitions.As used in this chapter:(A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following:(1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate;(2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate;(3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate;(4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate;(5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants;(6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate;(7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate;(8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners;(9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

For the tile vs laminate, I was considering doing tile in the kitchen so that we can redo the floors in the rest of the house separately from skiing the kitchen rehab, to make it less of an undertaking all at once.

It can be a big undertaking, but there can be good profits in it IF the numbers are right and IF you have done your homework to know what you are getting into (two very big "IFs").