Everything else has to be refreshed : Floors (carpeted, heavily spoiled and cat urine odor) Ceilings dry-wallWalls dry-wallElectrical is out of date (knot and tube all over, electrical panel needs replacement) Risks: Sanitization (cat urine smell, potential for pest problems)Structural integrity not checked (unable to check in a timely fashion due to deadline)Evidence of water damage on main floor ceiling, extent of damages unknownNo smell of mold in basement but knowing the city history of flooding, this is uncertainPlumbing looks recent but it was hard to be absolutely sure of this assertionThe reason I decided against in the end : too many unknowns.

Although it is still cash flow the numbers seem pretty tight on this scenario. 

I literally set a deadline(1/9/2019) for myself to just get out there and get a deal to avoid analysis paralysis.

So my family and I are in a real tight spot right now, and we desperately need help in order to save our house.We filed for bankruptcy back in June, and were discharged in September.

Do not leave anything open for interpretation and be as clear as you can be about all finishes, payment and deadlines• Have contracts in place outlining the scope, payment process and deadlinesDoing these things will help with your project and you will have less headaches during the rehab process. 

We kept to a tight budget.

It looks like it will be very tight and any slight error will be bad.  

The market has been tight for over a year, and prices have been higher.

The 3 year mark from the day you move out is important since it will be the deadline you have to decide whether you want to sell or keep this property without having to pay capital gains taxes. - Please notice that you won’t cash flow the $30k (minus repairs, vacancy, taxes, etc.) that you calculated, since you will have to pay interests for the HELOC

Those margins are way to tight.