or a rule of thumb on how much money needs to be injected into a home to bring an outdated home to sparkling brand new (this wouldn't include foundation or structural issues)?

Are there any structural issues with the place?

Before making the plunge, I highly advise you to consult with a cross-border tax & legal specialist to determine the best entity structure to use.

He may offer suggestions on ways to make the deal work if it is not workable as you have it structured as well.So, newer folks can get more value than just the money and the more experienced can get the money easier than private and cheaper than hard.

Is this what it is, or am I not structuring it right

All other major cap ex expenses have been taken care of, has a newer bathroom, newer kitchen, electrical updated etc.As it sits it will likely appraise for 65k with a new roof. 

Perhaps this information will help clarify the issue you are facing with structuring a deal as you propose.There is no statutory guideline with specific numbers that applies to your question.

I will spend between 3 to 5K fixing bathroom, carpets and painting. 

I'm curious how did you structure a loan for 5 years?

Certain legal structures can help securely and cost effectively own property in numerous states though.Please share here if you have any concerns about how to deal with potential legal liability in multiple jurisdictions.