I probably wouldn’t mention your third point - it makes it sound like you expect them to hold this note forever and I’m not very certain, but I’m guessing there isn’t a huge market for $100k secondary notes.Have you considered asking them to finance 90-100% for a short period of time so you can rehab and refi at a higher valuation?

It does not sound like you're in that type of market based on what you shared.

Having to replace furniture can be a hassle and the less I have to replace the better.

I have been in the construction industry, mostly residential renovating, so I know how to spot damages, repairs, and/or things that need to be replaced.

Sounds like a fun project.

I usually recommend clients a pretty easy cosmetic rehab which is refinish floors, replace cabinets with modern white ones, add a white stone, new appliances, new bathroom vanity/mirror/light fixture and add in unit laundry. 

Good luck—sounds like a great opportunity to add value!

hey @Jason Lowe your property sounds incredible and it sounds like you have some good ideas flowing.The BiggerPockets community has profoundly impacted my journey in real estate and investing!

It sounds like a couple of folks have answered most of your questions. 

Avoiding probate sounds like a useful goal.Thanks!