They are great tenants and rarely ever have a maintenance call and small stuff they just take care of on there own and don't charge me or even let me know.

Efficient Maintenance & RepairsWith trusted contractors and proactive maintenance, property managers handle repairs promptly, preserving your property’s value and keeping tenants satisfied.3.

That is before taxes, insurance, property management, repairs/maintenance, etc. 

There is a monthly one in Raleigh that I used to attend regularly, but I haven't been in some time.

Also, if you sell homes regularly each year, whether it's a few or more and you can show the bank that that is your business model and if you can show the bank consistency in that model, they can use your capital gains as regular income which can greatly help you qualify for a loan.4.

The problem, is that we have a full time maintenance guy that has worked for us for 25+ years and I can't let him go. 

3 piece, or one piece if you can find one.Tile requires more cleaning and maintenance than an insert.

Can I take a regular mortgage and get a new equity line immediately after for 85% of the NEW value? 

Screening Section 8 tenants isn’t too different from regular tenants, but there are a few extra things to watch for.

So unless you need extensive work to floor plan, which changes load bearing walls, etc, then I would say, the renovation will likely be slightly more cost effective, still put you closer in rent to new construction, and provide a low maintenance property for years, given everything will be new eitherway.