Fully Rehab the master bath leaving only the tile on the floor, seeing as the prior owner installed the whirlpool tub backwards and the also bring the 1/2 bath up to date.Add recess lighting in the living roomThere are a few things that i can salvage like the hardwood floors that are in great condition.

Have you considered hardwood or laminate?

Units can be turned inexpensively (e.g. just paint and cleaning) for ~$1,100 per unit but can also be brought to a higher standard for ~$3,500-$3,800 per unit including updated appliances and refinished hardwood through out based on discussions with a couple of contractors and the prospective property manager who knows the area well.

I'd consider hardwood, but that might be out of your price range or hard to match with other floors.

If it's Hardwood or any sort of wood, pull the carpet out and let dry, carpet re-install is cheaper then subfloor replacement and do it ASAP.

I considered a nice laminate "fake" hardwood floor, but I've been told go with either carpets or real hardwood.

The kids were sliding around the hardwood floor and move all the staging materials.

One home we saw is 4,000sq/ft beautiful Victorian style on a few acres with a 900sq/ft in-law suit with all new appliances, hardwood and private entrance. 

My opinion, save the hardwoods for when you sell.  

I feel that if i can finish the remodel needed with hardwood floors outside paint and central ac while staying at 45k all in, it should be a good deal.