With that, the layout / flow looks workable as is so at least in our market, we would not be tearing walls down.With that, think about swapping the DR and LR so the DR which flows better, move the door from the garage so it opens into the kitchen which gives you a straight wall in the new LR, shorted the wall where the HW heater is (I think that is what is in the area between the current kitchen and LR) or possibly move it entirely (not sure if you are on a slab and can move water lines) and look at moving the fire place to the new LR area. 

Need to ensure that you have an exit strategy though for the subject-to in the event it gets called due (possible but improbable), which would involve getting your own conventional loan to swap out in first position or selling the property.

I would not rip out the existing flooring now unless there is something wrong with it, but as the flooring wears out, consider swapping out carpet for LVP in areas that it makes sense.

Also, looking at the floorplan, the architects could've swapped the WIC and the bathroom and move the entrance slightly to the left.

If you can fish wire, and let an electrician just come and swap out the old for the new, could save a bunch of money.

This bank became cautious once having 350-400k borrowed with no long term history to show my solidity (this was at about 1.5 years into my investing and only one tax return that showed only 2 properties producing in that year)The following 6 homes I swapped to another local bank just down the street.

If we just swap out the green board cement backer board, have we done enough?

I grabbed a new $25 50,000 hr modern LED fixture to swap. 

I'm a people person and would love to meet up with anyone in this area to swap ideas and network. 

One way to save money is to swap lock sets.