or a rule of thumb on how much money needs to be injected into a home to bring an outdated home to sparkling brand new (this wouldn't include foundation or structural issues)?

Are there any structural issues with the place?

Before making the plunge, I highly advise you to consult with a cross-border tax & legal specialist to determine the best entity structure to use.

He may offer suggestions on ways to make the deal work if it is not workable as you have it structured as well.So, newer folks can get more value than just the money and the more experienced can get the money easier than private and cheaper than hard.

Is this what it is, or am I not structuring it right

Perhaps this information will help clarify the issue you are facing with structuring a deal as you propose.There is no statutory guideline with specific numbers that applies to your question.

I'm curious how did you structure a loan for 5 years?

Certain legal structures can help securely and cost effectively own property in numerous states though.Please share here if you have any concerns about how to deal with potential legal liability in multiple jurisdictions.

My tenants are contractors, those guys you see working on the large upright structures of steel at a petrochemical refinery. 

Certain legal structures can help securely and cost effectively own property in numerous states though.Please share here if you have any concerns about how to deal with potential legal liability in multiple jurisdictions.