This is a whole lot of money to spend just to pull out about $50k.I have some private money loans I would like to extinguish and I have other opportunities that I would like to pursue, which is the motivation for releveraging.In the alternative, if I wait a few months I can get an 8% 10yr HEL (fixed) or a 6% 25yr HELOC (variable) from another local bank with no closing costs.Am I pursuing a bad deal?

There are so many variables and market changes etc. in real estate that if you are pursuing some panacea in real estate proficiency, I doubt you will ever start investing. 

If it were me, I would do the following:- Remove the fake soffit above the cabinets - Free- Get new 36" Cabinets from Partners Home Supply (includes island and crown moulding) $2,000- New Countertops Granite Includes Undermount Sink - $1,200- New Appliances - $1,750- Tile Backsplash - $250- Tile Floors (In Kitchen) - $300- New lighting - $150- New faucet for sink - $75Total For Kitchen = $5,750As for the bathroom - New tub or shower pan - $350- Tile the walls - $270- Vanity Cab from Partners Home Supply to match kitchen - $110- Granite Top for Vanity - $150- New faucets and shower head w/ diverter and tub spout - $150- New tile floors - $100- New toilet - $150Total Bath = $1,130Total Renovation = 6,880** If you're not capable of doing this work on your own, most of it is quite easy.

Your former profession should be a supply of all the private money you will need.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

You'll want to analyze unemployment trends, the industries in that market and how diverse the job pool is.After that, then take a look at cost of living, supply/demand, landlord friendly or not, and ability to get good team members.

I am about to close on a flip property and I am trying to get all of the supplies in order before closing.

Brandon, nothing more that an asking price is needed and that could be listed as "Make Offer".You never use a pro forma provided by a seller or listing agent other than to see what fixed and variable costs by item are involved, then you begin to verify the numbers to see what they lied about. 

@Julia BlytheI've purchased from there before and the unit is warrantied by the manufacturerIf a warrantied part goes bad, I can have my HVAC guy take it to a supply house that sells goodman products and get a new part I've found that acwholesalers is oftentimes cheaper than the supply houses or that they will match the price of acwholesalers acwholesalers also sometimes has coupon codes you can enter to get 5-10% off

I've used box traps (reasonably priced at Tractor Supply) baited with tuna successfully. 

Such as builders supply stores.