Pro tip: make sure the rehab budget is non-dutch, meaning you are not paying interest on the rehab budget until you begin to use it. 

@Akku Kumar, I recommend establishing your budget first.

Small enough to for personalized care but big enough to have some budget for employees and technology. 

I think I will budget for Sheetrock in main living areas that are most affected when putting together my offer. 

Our efficient project management ensured timely and budget-conscious completion of the renovations.

However if it is rough and deteriorating/cracking then you might want to budget a high amount for removing it safely (which is not cheap) then residing the entire property.I'd try to negotiate the price down either way!

I would review your budget and see what areas you can afford and where the numbers make sense.

My reno budget would be between 15-20k to get to where it needs to be.

Plus with a 50k budget, you won't have much margin for error on the rehab, which one definitely needs for the first rehab.

So, depending on your budget, space and how close you are to neighbors and their level of patience with the noise, maybe you could do both.