They purchased the home in 2016 for 275k and it’s now worth around 575-600k.  

Remember though I am a NASA, IHMC, and IIT robotics researcher, engineer and scientist.

In this field, inspectors tend to remember the guy who proceeded with the job but didn't get the building permit.

This means the value of the property will need to be worth $187,333 today to cover your original price, plus the closing costs from the refinance.

Items such as floors, bathrooms, and kitchens will almost always be worth investments.

You will have to spend at least 15k furniture, kitchen appliances bedding ect, IMO not worth it .

Dallas, FT Worth area

If you have a long horizon and want the best quality beach, it's worth a look.

I also know a conventional lender that will do loans on properties down to about $67,000 ($50k loan amount).I always make sure clients are investing in stuff that's going to be worth $75k+ to keep their options open for conventional financing. 

First, remember that initially taking out an FHA loan on your Charlotte home meant it was intended to be your primary residence, so renting it out may violate those terms.