Would require a complete demolition and redevelopment of this existing space.

In the current market (tons of buyers and lots of liquidity) most wholesalers are working with investors they have an existing relationship with. 

One caveat...be sure that $650 under market really exists!

@Joshua Beeler I assume you have bought a house that had an existing mortgage.

For most, a separate acct at your existing bank with a dba (so tenants don't pay you personally) would probably suffice. 

You aren't "modifying" your existing loan. 

I work primarily with real estate investors whether it be acquiring more rental properties or managing their existing rental properties.

Depending on SF, you might be able to get a 2 ton unit that will work ....But you're talking $5k....you can buy a lot of window units for that.....do you have sufficient existing amperage to run them all at once?

I just retired from my parochial school teaching job and am full steam ahead on reposition my existing 9 apartment complexes and acquiring more good deals too!!

.- Strip existing flooring6.- Strip blinds, lights (leave naked bulbs to have light to work with), electrical faceplates, door knobs, baseboards, any screws on the walls, wire shelving, toilets (leave one for use), broken mirror, cabinets in bad shape, storm windows, shower heads, faucets, damaged tubs (and surrounds) and shower stalls.7.- Repair subflooring, ceiling, walls holes, replace wall panels, door jambs, window sills, battens and trims, subflooring, electrical switches and outlet receptacles, etc.