Line of Credits (like HELOCS) allows access to a set amount of money up to a pre-determined limit and it is revolving.

If a dishwasher is 15 years old and the tenant destroys it, you can't really charge them much because the appliance is beyond the life expectancy.To learn how to determine charges for cleaning and repairs, you can read my book in my signature, Brandon Turner's Managing Rental Properties, or NOLO's Every Landlord's Legal Guide.

However, that doesn’t mean there’s no demand for affordable rentals—you just need to determine if your home fits the local rental market.

The Board intends to reassess this decision to determine whether to recommence the redemption program or to continue to pause the redemption program no later than July 1, 2024."  

But did create issues of determination of value when distributing the assets of the LLC because all properties are probably not exactly equal in value or equal to a members % interest.But either of these can be made to work for you in the situation you describe.

Obviously the numbers and location would determine which is the best option for me but these would be my preferred methods. 

Financing might be a challenge.I would recommend consulting with a attorney, loan officer, and CPA to discuss your specific situation and determine the best course of action. 

These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.Rental HistoryBecause a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…Analyze IncomeMany landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment…AssetsWe are one of the few management companies that requires a bank statement as part of our application process…Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…UnderwritingTraditionally, landlords have only looked at the income of applicants…ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…

The big thing that determines the price is what actually has to be done and the finishes that you select.I know you said it is a gut remodel but are the floors still good? 

So, comps can help with figuring out local cap rates, then you need the income from the property to determine a value.