We do some cosmetic improvements to bring homes to our standard, typically carpet and paint, upgrade lighting etc.

.- You close on December 10th- The property is in great shape and does not need any significant repairs- It only needs some paint touch-up and changing a couple of broken fixtures, which you do yourself- You spend the next week buying furniture, electronics and supplies and installing/arranging everything yourself- You also roll up your sleeves and scrub the toilets and sinks and appliances- You put it on AirBnB/VRBO and have your first guest renting it for the 3 days of Christmas- You second guest rents it for the following weekend and leaves before NYE- You personally clean and restock the place between these two guestsCongrats!

Quote from @Daniel Araque: Thank you Georgy, that paints a much clearer picture for me.Essentially it behooves me to pay off my line of credit as fast as possible because the longer it takes, the more interest I'm paying which in turn eats up my total profit for that single investment.I did the math based off the following numbers. $10k line of credit at 8% , 10 year payback, $121/month payment. $1k personal cash flow after all bills/expenses paid.

We painted the inside, opened the kitchen/dining room, replaced windows, removed a nasty fabric lined black tub from the basement, replaced the siding and redid the bathroom.

We did remodel on this one with new lighting paint, auto gate etc.  

I am not an expert in either lead or FHA, but here are a couple thoughts for you to look more into.By lead in the unit do you mean paint?

All appliances need updating as well as a fresh coat of paint and new flooring.

The concern is possible lead based paint.

Yes I'm fully aware of the lead based paint addendum and its use as I mentioned in my post.

Now for the house you are leaving behind…I like to have this one freshly painted, and take action on any maintenance items.