Market rents for 3B 2B are around $4.2K, but I will update when we have a signed lease.From my knowledge of the Cambridge market, it all depends on your location in the submarket to determine rents (Ex.

We plan to rent out our now primary residence and live and fix up this other home.Is it a bad idea to shop for refinance and pick the best deal or will most be equal. 

Once things pick up and I get a better idea oh my "niche" and feedback from more seasoned investors, I may update my card.

I have 0 incentive to help, this is all in an effort to pick the brains of those more experienced to aid in decision making

How exactly is adjusted basis calculated for the purposes of determining the amount required to be invested in order to satisfy the significant improvement requirement? 

Run a discounted cash flow analysis to determine your valuation.

The operating agreement also lets you determine other items like who is going to be the managing member which can mean that person paying income tax on their dividends paid to them. 

I'm really considering picking it up as a flip or rental but can't decide which way to go with it.

There tub/shower has dark blue accents squares throughout.Here are the questions:  (1)  Are the oak cabinets outdated, if so need paint ideas for cabinets and walls and determine if a backsplash helps or complicates things (2)  Color to paint fireplace that will compliment walls (3) Wall colors (4) Trim, front door, etc. 

Once you identify those you can pick a strategy that is best suited for you.