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I wound up going with same bank as my tenant uses; the banK met all my needs.  

We are taking down and replacing all of the drywall, replacing the treads and risers on the stairs and this includes paint, trim, lighting, etc.Laundry/mudroom renovations: $4,461 - similar to the above, drywall, paint, trim, flooring, some small interior wall changes to closets, etc.Dining/living rooms: $6,835 - the trend continues except here we are installing flooring.

If you are making short or medium term investments, then you may never have to make a principal installment payment, because when you exit the deal, you can just pay back all the principal before the end of the draw period.

Metals such as copper and lead from the pipes, fittings, solder, etc. can leach into the water over time and it would be best to purge it all.

Or should it be done at time of install?

YES, there are new rules governing purchases with lease backs, and installment land contracts.

The original electrical would have been installed to run a few incandescent bulbs, a radio or two and perhaps an early appliance and was not designed to handle today's electronic demands.Another thing to keep in-mind, depending on when the property was converted to apartments, is that the conversion may not - quite likely will not - meet current fire codes, which will both impact your insurance rates and your renovation costs when you do undertake a substantial rehab.That gorgeous exterior, with it's clapboard/shakes (or era brickwork) and elaborate trim will be high maintenance - that does not mean it's not "worth it", just that you need to budget accordingly.Personally, I enjoy performing deep energy retrofits on these old buildings (which can be very solidly built), but it can be an involved and costly experience, hence we are always looking for the unloved and run-down which can be purchased cheaply.If that house has been 200+ days on market - and no other landlord or investor has touched it - tells me there is a problem with the value proposition of the deal.  

This will change the function of the window to a "fixed" non-operable window when installed. 

I have a renter who broke interior of the closet down( metal wiring)due to the excessive amount of clothes that she is putting on the wire racks.