We are closing on the property next week and would like to start remodeling immediately.  

Consider what's important to you in buying a house like remodeled kitchen and bathrooms or just keep it "move in ready".

Then when the remodeling is complete you can refinance and pay the original seller off.  

I'm sure with your experience you will be able to create some beautiful flips and remodels.

If you read books and take course to learn how to run a successful remodeling or construction company, they are often the exact opposite principles of what I read in blogs on this site and others about hiring a contractor.  

I used HD to remodel the kitchen and bathrooms of my personal residence.

The homes on either side of it are valued at more than 300k as they are already remodeled and in fantastic living condition.

My biggest issue with this appraisal is that he used a fixer upper that had recently been foreclosed on and a short sale as comps for a nicely remodeled home, when there are numerous remodeled sales in the neighborhood selling for $60,000 - $70,000 more.  

I had been looking for a home for myself to remodel, live in, and flip in a year and finally found one!

I'm new to real estate on my own and have previous experience working on remodels and rentals that a family member owned.