Something of value in this life isn't usually cheap or free.

But they are cheap.....

We don't want cheap quality finishes but we don't need $400 a square foot finishes either. 

My last advice is that sometimes people try to look for good, fast & cheap.

Hopefully the security deposit covered most of the damage (at least it’s a pretty cheap make ready. that’s really not a lot more than a simple repaint or recarpet  could run.) it’s mostly the missed rent and vacancy that’s a real killer. 

If you don't feel comfortable with it, get more education until you do.What I saw as needing further eval: aluminum windows, roof, siding, brush/trees touching house (these help pests travel), cadet heater in kitchen, floors, pipes look galvanized (but closer inspection needed), cabs are old but not necessarily worthless.

Sure it takes 20% down, but you can get the dirt cheap properties that no one else wants. 

Everything was super cheap.

Refinance, new investment and sell primary: Refinance primary to get ~$50k out, find a separate cheap investment property that can cash flow (aim for under $250k purchase price so we can put 25% down), and then sell the primary at end of next year to get remaining equity out to use as a down payment for a new primary (assuming it will be about $80-$100k net with expected increase in value due to being in a hot neighborhood and purchase price of ~$500k, know it's less than 20% down)Considerations: I am expecting the next primary to be a place where we spend 4-5 years max (expecting significant increase in career based income after initial partnership buy in).

there may be electrical issues that are cheap and some that are expensive.