answer is depends..

Quote from @Roger D Jones: SamEveryone here is providing great points to consider and if you were my son I would say that at 360k this 'dog needs to get put down'. 

When it comes to furniture/design it depends.

GC's get paid off of the work, not a flat rate... but in your experience, would you say that window of rate is generally 10%-20% project depending, or more towards 15%-30%?

Just depends on the situation/scenario.

The first mortgage will provide a payoff to the sheriff/court and the funds from the auction go to them.

That depends, but you can see from a bunch of posts on here that so far you're getting shafted performance-wise because a bunch of people aren't getting any dividends during a time when they could easily be earning 4-5% or more in a basic bank CD.

or options 3, 4 and 5 don't supply washer and dryers and either the tenant provides their own, rent appliances or goes to community laundramat.

You can get a HELOC if there is equity in the property most likely, which there should be since you own it in cash, but you will just be decreasing your pay out and then may end up short in repair money, depending on how much it is worth.

However, I believe multi family provides the best ROI and is the best way to scale.