The strategy here I think would be to just do a cosmetic remodel to a home that is highly unlikely to need any other improvements.

If it is normal and it's out of budget for you, you can either use financing to lower your cash outlay, partner up, or find a different property.If the work is cosmetic, it wouldn't be a big issue to tackle on your own, but if it's more than that, probably best to play it safe and hire out.

However, since you will be aquiring a substancial about of cash, you could look for something turnkey/light cosmetic work.

Quality of Work:Flippers often focus on cosmetic improvements to make the home more appealing quickly.

New mechanicals (electric, plumbing, HVAC), new kitchen, new bathroom upstairs as well as additional bathroom in basement and 1/2 bath on 1st floor, cosmetics throughout, and a finished basement.

Also potential appreciation is important to investigate.For myself in my state it has made little sense to Chase turn key or cosmetic properties. 

I have lived in and value added in this home for the past year (minor cosmetic renovations, furnishings, etc.)

I’m saying this because the entire kitchen looks tired, and cosmetic fixes can only do so much.

Address the leak immediately, once the house is water tight get everything dry and then you can approach the cosmetic repairs over time. 

Are there probate attorney's that will disclose somehow properties that investment community can consider before they go to nest level of broker/realtors that will sell the traditional which can:   that can take longer and pose challenges of properties that need TLC, cosmetic issues, ect.