What I typically see (10 years on a university President's cabinet ) is that the client ends up about exactly where they would be by cashing out and the organization benefits to the tune of the deferred tax. 

Someone might rip out all walls, cabinets, bathroom fixtures, roof etc.

Exterior - put up vinyl siding, take out the attic window, repair porch, landscapeGoing to remove that wall (it's non load bearing) and expose the brick under the paint on that column for a nice focal pointRemoving the upper cabinets and half of the wall to have a place for a breakfast bar in the new kitchenNew layout downstairsNeed to move this bathroom several feet to the right, and create a hallway where the shower is.  

How about cabinets, counters, sink, faucets - that's the kitchen.

Example: let's say I want to gut a kitchen and put in a new cabinets, new appliances, and new flooring (but with the same layout)?

I have 15 years experience in running a manufacturing business (kitchen cabinets) but don't have real estate experience.I want to quit my job and become an entrepreneur and after much research, home flipping seems to be my best option.Reading other posts implies that cost of capital is very high in rehab and having cash will provide a competitive advantage.

My wife thinks the cabinets are ok to keep.

One property did need carpet, tile, paint, new cabinets in the kitchen and baths (with granite tops).

I had a local handyman visit the property and took photos and estimated all the repairs that are needed and he came in with a total of $6200 for interior and exterior painting, clean-up, refacing kitchen cabinets, and updating the bathroom.He is going to be starting work within the next 2 weeks.

The walls had to be washed down along with the cabinets but that was a few months after treatment to knock the bugs down to at least a level where you could enter the place (not habitable yet).If you watched Orkin and Undercover Boss this week on TV that was child's play compared to what I saw.