Remove old wall paneling and horse hair plaster underneath, and install new drywall or just paint old paneling? 

The odds are way better gambling on the horse races!

That said...Everything you have done so far is wrong in my book.70% rule is horse crap.

You are putting the cart before the horse.

There are many lenders or company's that just make money telling you you are pre approved but we need 2k for DD or some horse stuff like that especially bigger commercial deals.

I actually ended up NOT renting to her since I felt I was doing so much work to help her and she didnt seem to want it that bad... you can bring the horse to the water type of thing. 

Saw a horse stable in the middle of Los Angeles for sale. 

I've read about this, and had relatives with money come up to me, and basically ask me to be their work horse to fix up and manage properties for 50/50 split.

One of the crappiest cars ever build in my honest opinion.So imagine you want to win the Grand Prix, and for some really crazy (stupid) reason you want to enter the race (and win) with your 0.758 Horse Power Lada.So what will you do... you will cut the weith.

"They perish because of lack of knowledge, because they reject knowledge"You can only lead the horse to water, but you can't make them drink it.You cared enough to further your education and learn how.