Here, maybe this will be interesting/helpful to you - I am currently working on doing this right now with my own property, which happens to have a nearly identical loan amount as yours, and there is $50,000 in equity I could refi out. Let

Both pros and consPROCESS MANAGEMENTHave punctuated check-ins to prevent expensive reversals of major work (closed walls, etc)Some incorporate 12–13 check points for renos (dry wall, plumbing, inspection, etc)Include others on team as needed like architect, structural engineer, designer = creates system of checks & balancesGCs may oppose very specific timelines since much uncertainty with availability of sub-vendorsManage timeline of how long different team members stay on, e.g. architect may only stay on through primary buildIf GC is already working nearby on another property, reno can move faster by limiting GC travel time from other jobs, etcContractors not always great project mgrs — CDP reviewed manpower & timeline plan with GC, and gave input that took multiple wks off project timelineBe particularly present around property for finishings, and KNOW your preferences (outlet placement, etc)A good GC is very adept at managing inspections — knows what inspector is looking for, avoids common pitfallsKnow your “snowball” problems (e.g. one bad decision upfront impacts MUCH future work)MISCELLANEOUSFor foundation, can have slab vs stilts / raised — slab tougher for work like plumbing since limited accessWhat permits / processes can you look up and manage in advance / get started early on?

2) The electrical outlets 3pronged and non-grounded.

Hey Bill,I put together my own spreadsheet that works well for me that allows me to write in sq ft of rooms, # of items that need repair (windows, outlets, doors, can lights, etc) and so on.

Let's look at the context of the time it takes to do a rehab yourself vs. hiring out. Let's

Two pronged outlet's STILL, needs a Breaker Box update, HVAC, mold in one area, that is what they saw on first inspection. 

I took back the thinner Chinese stuff as it would not hold together.The kitchen area is a vinyl like allure that was 99c/sq ft from Bargain Outlet but also slightly heavier gauge than the allure.Next time I'll just get it from Home Depot & have them install it as I do with all the carpeting whole house $37.

I'm a huge real estate nerd, and this is my outlet and way to pay it forward.  

Most of these units under permit will require electric service upgrades and rewiring, 20 amp gfi's new outlets/switches, interconnected smoke/carbon detectors ect which leads to opening a lot of walls, if these are plaster figure all new drywall.

Right next to it there is a "Bargain Outlet" store.