This is not a do it yourself situation. 

Unless you are planning on renting by the room, I don't think this will increase your rent.

With no rent for this current month.

Tile is far superior for this application.

This area is an area people want to be, thus the prices reflect that.

I don't agree with this exact order but to be honest and fair, there is more than one way to do it right.

I would double check all this, but my understanding is as follows:The property owner is still responsible for repaying the mortgage, even after condemnation. 

We have 3 deals under contract this month with 2 more in the works.

This method allows you to take some of the profit tax free and indefinitely defer the rest of tax, using it to purchase larger, nicer property/properties in areas with better cash flow potential.

With private patio and great Williamson County SchoolsWhat made you interested in investing in this type of deal?