Any other thoughts or suggestions?  

Could you suggest some high-end finishes?

We are torn between both approaches here.Cam someone suggest what approach is better?

Any suggestions or others that experienced out of state investing?

Simple answer, get 10- 15k NET coming in, just do the math.

If you're doing a "pretty large renovation" then I would suggest shooting for Lead Free.Next you have to hire a company to do the test.

This is an obvious and simple solution.....

Even if you bought off market, great agents should be able to guess what you spent on rehab and also make a guess as to how much you paid, unless you paid cash.As an agent, I would suggest you connect with a great lender who can walk you thru all the nuances of FHA lending on a property like this. 

I suggest looking there.

I build at simple closet with accordion doors to make it as some and cost effective as possible.