Have you gotten another estimate from a contractor that is not a 'friend of the family'?

You might get cash flow from your rentals without increasing your taxes, but you will not decrease them.Look at your rentals as long-term wealth accumulation, not a tax shelter.

The monthly estimate with PMI comes to $2,179/ month.

Otherwise, get at least two written estimates from local licensed plumbers as to replacement costs to provide to the buyer when it comes up.  

Some of the paperwork said that if the money is for home repairs/updating they need written estimates.

Then right around RMD (Required Minimum Distribution) time use the monies I've accumulated and turn the annuity into lifetime income for my wife and I as a strong supplement of income.

It was a tool to help negotiate price with contractor and estimate cost of rehab.

And if you have contractors already lined up, did have them tell you what the estimated time frame for job completion? 

If you want to upgrade to a modern 100A to 200A breaker box, rough estimate would be in the $1500 to $2500 range.

The loan will cost me roughly $1700/mo (lender's estimate with taxes & insurance), and if I can keep the current tenants at the same rate, I will be able to rent it out for $2100, so at least it is cashflowing.