I went under contract and my inpsector came back and told me the house has foundation issue. floor sloped and outside brick wall had crack but being patched.

We plan to take out a wall and add an island to open the kitchen up, take the carpet out of the bathrooms (yes, really), replace most of the flooring, finish the 4th bedroom and the rest of the basement, and various other minor updates.

Quote from @Jaron Walling: @Chris Coleman You don't need a program, class, or guru to teach you how to flip real estate.

It's similar to what wall street institutional investors do.

See Vacant Building Ordinance and registration form at https://ipiweb.cityofchicago.org/VBRCN193029Maintain watchman from 4:00 PM to 8:00 AM for vacant and dangerous residential premises. (13-12-140)CN193019Repair or wreck dangerous and vacant residential premises. (13-8-100, 13-12-125, 13-12-130)CN193000Maintain building in safe condition so it does not constitute actual and imminent danger to public. (13-12-130, 13-8-100, 13-12-120, 13-12-125, 65 ILCS 5/11-31-1) Maintain building windows and doors in safe condition. (13-196-550) Maintain stairway and porch in safe condition. (13-196-570) Maintain floors, walls, and ceilings in safe condition. (13-196-540) Maintain building in safe condition.

Unless it is at rough in stage it will be compromised unless this has no interior walls, what's the rest of the story and why does it need overlayed( which is what you are suggesting) or removal which has issues of its own with load walls unless all interior walls, cabinets etc are gone. sounds like a raw deal with water issues or structural issues?

The key is hiring the administrator that understands beyond the typical Wall Street casino "managed funds" nonsense and into the realities of secured lending.

We plan to take out a wall and add an island to open the kitchen up, take the carpet out of the bathrooms, replace most of the flooring, finish the 4th bedroom and the rest of the basement, and various other minor updates.

Try to go with a different (neutral) colored paint on the walls and have it be a color that will look connected to the green wall tile and the floor tile that you will install.

Realtors response was it/they were just dry walled when listed, and  Franklin like other places is a bit oversaturated with new construction at the moment and the higher rates are not helping any.