Is this intended to be a RE investment or do you have alternate plans such as using it at some point for family?   

Total cost materials only was approx 50k, that's 10+ years ago.

I’m still figuring out where opportunities are / will be and consume a wide variety of materials.

How do the appreciation rates on these two properties compare to alternative investments?

Are there any hard money lenders or alternative solutions that could help navigate this dilemma?

An approach you might want to take, is to break down each component of the rehab into its own price per sqft/linear foot/units for both materials and for labor.for example you might find that flooring costs and average of $3.50/sqft labor to install + $3.00/sqft for materials X square feet = cost to refloor+ always add an extra 10% for unforseensSo you would just need to do this for every part of the rehab based on what needs to be done and what level of finish you are going for.keep in mind that some things are measured by sqft, like floor, and others are measured by linear foot, like trim, and some are measured by total area, like drywall and paint, and yet others are measured per each like tubs and toilets.A good place to start with figuring costs is The Book On Estimating Rehab Costs by J.

Also, who is disposing of materials?  

Day of the install after all the material is off the roof you’re asked for more money due to lack of material, i.e. compromised wood that was not inspected when it should have been.Just like a mechanic, you probably wouldn’t trust him if he told you you needed a new transmission but never popped the hood. 

I recommend creating content that speaks directly to your target audience—your investor avatar, those individualsinterested in alternative investments and passive income.

They're often looking for alternative investment options for clients.Securing funding from a private lender can be a fantastic option for your syndication efforts.