I believe you can buy it and not have to upgrade to Pro.

Can be financed.With “Full” version – 20% reserves if renovation is major – foundation, room additionsDraw Requests “Draws” are funds paid to the contractor after work is completed.For “Streamline” – pictures of completed work is permittedFor “Full” – Consultant inspects workOther Important Items to Know about “Conventional” Renovation LoansMaximum – Minimum Purchase/Upgrade Amounts:Minimum: $5,000 (below this on an exception basis only)Maximum: Limited to 50% of the “after improved” valueOccupancy: Primary, Second Homes, Investment PropertiesRenovation Term: The renovation term for this program is a maximum of 180 days.The Borrower(s) is responsible for the work being completed within the escrow period.

You do not need to give a specific reason for doing this, just let them know that at the end of x month that they will no longer be able to live there....However, if this tenant has been; long term, hassle free, and prompt with their payments, maybe you need to reconsider moving them out as you may find the loss in this cash flow to put a hurt on your income.I would say a good compromise would be to see if the tenants want to upgrade to the bigger unit, where you being the kind landlord offer a "reduced" price to them.Ultimately it is your decision, but be sure that your decision is not based on emotions but rather simple dollars and sense. 

Consumables such as toilet paper, paper towels etc will also have to be estimates until you know what your consumption is broken down on a per night perspective (the best way to average it over the year assuming you won't ever achieve 100% occupancy). 

The flooring is unsalvageable.What if then I wanted to upgrade to vinyl plank flooring only because I have to replace the floor so I might as well upgrade it?

@Marisa Rowe We are selling a rental we have owned for a while as part of upgrading our portfolio.

We've already replaced all lights with LED and upgraded furnaces to more efficient units, looking to add the preset thermostats next. 

If a tenant likes your house, they want to feel comfortable that they won't have to move for at least a year, and most leases give the option to renew if you haven't broken any rules.

So some homeowners have to upgrade the foundation and make sure that the units are watertight.

I have a couple of contractor references you can checkout.They're not cheap, but reliable, dependable and can complete on or before schedule.One of the guys I know personally and the other has done upgrades for family members and are raved about.