Either way I will be opening up the walls in the main area and kitchen to make one large space.https://www.dropbox.com/s/x5w2zut68bis19y/FloorPla...Here are some pictures of the aesthetic I am going for to get high ARV.https://www.dropbox.com/sh/k95l4wgbuopspjk/AAAixic...My question to you all is this - Do I just renovate the structure as it is,  move the washer dryer in the kitchen to the back house, turn that area in the kitchen into a small guest bathroom, or change from 3/1 to 2/2 with master suite/bathroom.  

BUT you also have to consider aesthetics.

You're off to a great start...as far as the aesthetics go, you really have an attractive and inviting "look" going for the site.

I will be doing extensive aesthetic renovations inside and out as well as past due maintenance.

The biggest division issue between developers like us and architects is in finding one that understands the balance between design aesthetics and cost of construction.

Hardie planks looks 100 times better, but for rentals you typically just aim for functionality and not worry as much about aesthetics.

Also to be considered is that the plywood fasteners, nails or screws,  will have left lots of holes in the wood flooring which may have been covered up for a reason other than aesthetics.  

The property does need to be in "livable condition", so if you have any rehab beyond minor aesthetic repairs, you could get a Fix and Flip loan which is short term (12-24 months), interest only, and no prepayment penalty. 

That way some of the wall can come down (or be opened up at least) while keeping the aesthetic of a fire place?

Both those things would add to the aesthetic appeal of the place.