If you do it with permits, expensive material it will NOT be cheap.

I was cash flowing about $700/month and that includes my HELOC interest on the purchase price.Tenant moved out and we're investing around $6K (mostly materials, we're DIY) on new flooring for the living room, total repaint of the interior, and new kitchen cabinets. 

Some language in our particular HELOC says:"We can terminate your account, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if: (1) you engage in fraud or material misrepresentation, by your actions or failure to act, in connection with any phase of your line of credit (2) you do not meet hte repayment terms.'

The contractor will probably give you their cost: labor, material, insurance, profit, overhead, etc. 

I got a signature loan for 10k to come up with the purchase price of 109k.I have, since the purchase, paid for materials and labor for renovations at a cost of about 60k.I am trying to get a loan to get from under the private lender and repay myself back for out of pocket costs.

With materials and installation it cost $6 sf in my area. you have 6000 sf of flooring. 6000*$6=$36000/8= $4500 yearly for floor capex vs your $1500 reserves.

Following on YouTube, taking webinars, using the education material, and reading through the forums has been very motivating.

Sometimes I will buy the material and they install it and sometimes they just do both. 

The first thing you ought to do is decide what your business model/strategy will be - this will determine who you need on your "team" and what materials you will need to look to in order to become proficient in the industry.

@Samer Abbas start by only paying for materials upfront and Pay in chunks as the renovations progress.