Some things I advise folks having seen partnerships go south - Get really clear not just on who does what but contingency plans.

Are you planning on holding onto it after the renos or are you considering selling?

As for an offer, start with your ARV and subtract out your renovation costs, financing costs, a reserve amount for contingencies, any profit margin if you plan on flipping it, closing costs for both the buy and sell sides, and soft costs for the permitting, etc.

Since you plan to put that money into another property, I recommend a refi. 

If you plan on buying more rentals in the short term, Nathan's approach is the best. 

I am now planning to buy some properties in Toledo for the cash flow, and collecting some data.

.- the 3 local need a lot of work, she has been cutting rent due to not having updated flooring, appliances, etc.

Also, inquire about any planned developments or zoning changes in the area.Legal and Regulatory Compliance: Ensure the property complies with all local building codes, permits, and regulations.

If you put in the work and follow recommended business plans.  

No click-lock flooring in this house without the extra expense of floor leveling.