We are budget conscious and don't want to spend much on the interior by going with a general contractors(that will be the last option).

Also, after a year, the mortgage hasn't been paid down by much, especially if it's a 30 year mortgage.The only challenge you may run into is if you purchased it using a low or no money down mortgage option like FHA or VA lending.

Then we could get rid of that $150 renewal fee that involves sending a 1 page form email saying pick an option.

If that's what you're really after I would start with the basics of what kind of bank loans either residential or commercial are available to you - not saying this is the best option, but it's a good place to start.

It was my only option because I had limited funds and wanted a better future than my day job alone was going to provide.

Rates may still be high, but sometimes they’re more flexible with repayment options than a mortgage refi.Family Loan Structure: Since you have an existing interest-free loan from family, you could talk to them about restructuring or even adding onto it, if they’re open to it.

My goal is reviewing retirement options. 

I am slowly going crazy with how expensive Massachusetts is and I am leaning towards looking at cheaper foreclosure properties.I understand there is some risk to this but I am beginning to think this is the only option I will have because of how fast the market is growing.Thank you for any insight you may have!

I'm a lender and can help answer questions if you want to discuss options. 

I would check and see how many 1 bed and 2 bed options there are and what they are priced at because most folks will prefer the full place to themselves so rooming 2 people together could make getting bookings a bit more difficult (not always the case but something to consider)