Also, there is no visible mold and no mold smell in the basement (there is a little on the caulking beneath a single pane picture window upstairs which I'll deal with).That didn't sit too well with the tenants as they have been looking online and finding information about how dangerous it might be, and it didn't help that the first report that I had done the inspector attached a boilerplate message recommending a full HVAC cleaning (ducting is 1 year old) HEPA vacuum, air scrubbers, double washing everything in the unit with bleach, etc. so now the tenants are being fairly combative and insisting that more needs to be done.

Our plan is to divide it into two sections: a 3/4 bath with a small standing shower (32 x 32) attached to the master bedroom, and a guest bathroom with a full-length tub (60 x 32), totaling around 40k for the project.

That puts all the risk and all the reward on me.Currently most banks want 25-30% of the total costs in cash/equity/downpayment.  

Check out the Events to find local and virtual meet ups4. complete your BP profile - Include website links, social media handles, or other online profiles so that people can find you.

@Bob Stevens I totally agreed with all this through my first time experience. 

With your experience I can imagine exploring other markets will at least be a tad easier for you than for a total newbie.

He has a hard money lender that will be in first position and I will be the 2nd lien on the home, my total investment into the property is $25k.The terms are that I receive 8% on my 25k if he pays me back within 90 days, 10% within 120 days, and 12% within 150 days.

Here're some online calculators: from Intuit/TurboTax, from H&R Block, from NerdWallet, from TaxAct, and you can find dozens more online.

Total $5,700 for bathroom remodel.I have begun starting to look for cabinets now that I have completely budgeted for the master bathroom and the contractor quoted me about 2k to install the cabinets.

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