When we look at the cost to make the additions, we approach the cost of a new home.

In many cases it's better to go in with a "blind approach" and not mention the passing of the property owner.

It seems your opinion was formed with the help of licensed professionals, but a more conservative approach would be to avoid having any disqualified person (including yourself) perform actual work or provide services on these assets.

I would try to approach it as a fire concern, that you need clear walking paths.

Approach both realtors. 

I am putting together my first private loan deal for an investor and could use some advice...The approach is to utilize the private money loan to acquire the property (down payment, closing cost etc), use my own money to renovate and furnish (very little work is needed, more so cosmetic) and stand the property up as an Airbnb. 

I agree with the HELOC approach.

What is the average a commercial appraiser discount the yearly rental profit using the income approach. 

With this approach u don’t need to ever worry about running out of money.  

Keep in mind this is just the approach that aligns with my goals the best, which is to build wealth to reach financial independence ASAP!