I'm thinking I should be able to get it done for 20-25kNeeds sheet rock, some insulation, plumbing, all Appliances and cabinets, im thinking laminate flooring. 8 new windows.

@Kimberly Quachey Unless you or your husband have good experience in the building trades (general contractor, electrical, plumbing, etc) or have TRUSTWORTHY AND KNOWLEDGEABLE friends or relatives who - with absolute certainty - will do a good job, Land Bank properties (or any major rehab) are probably not a good place to start - too many problems for a newbie.  

This is with the assumption that we would not need to do any major electrical or plumbing work while we are in the walls.

Inspection was completed 6/29, seller made a few repairs, I did an inspection of the repairs and we closed 8/8/16.After closing, I did some plumbing work that the inspection turned up, and repaired a kitchen light.

Get approval for the plans from the HOA, and verify that they are in accordance with local building regulations.

. - financing, regulation, taxation are all different here.

Do you need to replace the plumbing and electrical system behind the wall?

Every time I think real estate has too much regulation I see a post like this one - "subject to my partner's approval".

I'm told that FHA changed some regulations and it now accounts 1% of my student loan ($400/month).

It does not necessarily regulate the fees that are charged (to a certain extent).