I would expect you can bet on pretty good appreciation in the next 5 years if your place has good bones.  

@Richard C.I can appreciate your concern for the seller, but I don't appreciate your negativity... it's a better use of your time to motivate newer investors, versus providing destructive criticism.

That's why I'm thinking that the HML would be the best bet for my first go around although the more costly route.  

In a smaller, rental property like this one you can probably install a simple IKEA kitchen for about 7-8,000 pounds but add 60-70% if you hire a handyman to do the work.I have no idea if your rental or expense numbers are correct but local resources will be your best bet for that info.Hope that helps!

I'll check them out, jot down what they have, and compare versus another location that my cousin frequently uses.

Is our best bet just to rip out everything and install plywood subfloor throughout the house and then install new flooring? 

Might be too late now but your best bet is to attend one of the board meetings and plead your case.

I bet you get a lot I stares.

The rate that you'll pay for a HELOC will be significantly lower in almost every case versus using hard money. 

@yoann mamy randriamihaja The FHA inspector is approximately $1,000 versus the normal $300-400, permit costs will be out of pocket, and closing costs can run $1,000-$2,500 over standard closing.