After some negotiations with the seller I acquired the property all-cash for $83,000 expecting to put in $6500 + about $2-3k to replace some windows, some electrical outlets, and other miscellaneous expenses.

The house does need some work and I feel like there is already some equity in it, so I'm also interested if options that allow me to pull some money out to do the appropriate upgrades  (the biggest being putting in a 3 room mini split heat pump to replace a 20 year old propane furnace that burns through propane and a 15 year old ac unit that needs replaced also).

Just found out the wood balcony railings on our fourplex in Northern CA need to be replaced.

You can buy things in bulk to replace for multiple units such as tiles.

Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly.

How soon could I refinance this and if I did would I always have to replace that $500k equity?

Replacing whatever is in the worst condition is likely to give you the most bang for your buck.

That lasted 18 months, before I had to replace the whole unit at about 6 yrs old.

because all of the new houses i see still have the sidings like older homes, only the front is modernize. what makes me believe they built it over the old frame.i should point out I'm in Chicago.thanks in advance!

The cabinet/vanity area in one of the bathrooms and the kitchen countertops need to be replaced.