No, I put 65,000 but its probably worth 140,000 I'm trying to get a HELOC to do some renovations, then rent it out in April.

If I own the property, I don't charge pet rent but charge a slightly higher pet fee. 

I recommend that you learn the tax code and take ownership over your strategy.Not having some foundational knowledge and an opinion on how to approach taxes as a business owner is a huge mistake.In my experience, every single business owner who says "I just let my CPA worry about it and I focus on my business" is doing a suboptimal job at tax planning.They are likely missing out on 10s or hundreds of thousands in saved dollars every year.Stop making excuses and get to work.Just a few months of part-time learning about taxes will pay you for the rest of your career.

The reason I say this is to lead into the answer from your question. 

I live in the greater Omaha area.

I have heard that leaving 1/4 " along the perimeter can help expansion issues. 

I have been involved in many foundation repairs and we get the improved foundation up to as good or better than new.

I have heard things are a little different in New York so you might need to check that if you are doing it in New York.

Whenever I have an investor pass on one of my deals I always follow up and ask why.

I did the same thing years back in Decatur, GA.