My advice...stick local at first since you know that market, budget 2X time and money to get it on the market.

Rental - What are all the monthly costs (property manager, taxes, mortgage, insurance, repairs budget, cap ex budget, utilities, vacancy) and upfront expenses (rehab to get rent ready, etc)?

I know installing a brand new heating system can be pricey so I'm not sure I can budget that on top of all of the new renovations ATM.

You need to make a number of updates to your analysis, @Charles J English.Refinance time will be at least 6 months.You're not budgeting for repairs.

In my experience, the draw schedule is based on the Scope of Work/Budget you submit to the lender.

The right budget 3.

He was the best price, quality work done on time and on budget. 

For example, if you find out a large portion of the cost is for dumping the materials within the city of Seattle, you might be pay a little more in trucking and have the material disposed of outside of the city limits.  

My budget is set for a purchase price of 25k-30k.

One thing I’d add is once you have your budget, find a good investor-friendly agent and start looking at houses.