You may have had discussions about living there, but I bet you didn't have discussions about air compressors, circular saws, and drywall demo. 

But I'll bet the Reader can sort the one from the other.......

Like @Ryan Murdock mentioned, your best bet is to keep them paying you anything at all.

You bet @Neill Herbert there are some different things that folks use for costing.

Might as well get it done then.Your best bet is to refi your loans down, graduate, pickup a job that requires your major (so it’s hopefully secure, and you and your kid(s) can still live life okay), then proceed to spend your extra time finding work that you truly enjoy (the earlier the better).

On the other hand, it will be in your best bet to find establish couple local construction companies and have them bid on the project.

@Raylan Williams  You bet, Ill check it out. 

I don't have enough reserves to bet on a continual appreciation with a negative cash flow.I have so much to learn, at times I feel overwhelmed but i'm just trekking along doing what I can.    

From my perspective, I’d avoid betting solely on appreciation in a market that just hit record sales volume, average home price and median home price. 

Otherwise an agent is your best bet.