A rental bathroom and laundry room, window sills, caulk and sealant that hasn't been addressed in 10 years? 

Install a new toilet, caulk bathrooms or windows.

@Kris L.His garage is busted, driveways bad, windows seem like they need repair.

My primary residence is a second floor 2bd/2ba unit and directly across from it (on the other side of the staircase landing), is a 10x13 bonus room with two windows and a closet.

I plugged in these rough numbers to the Rental Property Calculator here and the cash flow looked decent.I'd be looking to get a line of credit for the renovation budget and then do a cash-out refinance after 6 months.Renovation breakdown from realtorGarage - i would say put in anchor wall system and new membrane roof and new window altogether I'm thinking $4kYou'll want to tear down the plaster walls in the rooms upstairs and put up drywall: $6kYou'll probably want a new kitchen: $8k flooring appliances and cupboardsTear down of back garage and patio: $4kNew flooring and paint throughout: $5kbringing things up to code: $8kish?

I hired subs for the roofing, egress window, plumbing, electrical, carpeting, cabinets, countertops, and exterior painting. 

My main concerns is the unknown age of the roof (10+ years), original windows (roughly 12 total), and the 5 young children that will be living in the house. 

@Dennis S.Hi Dennis,Window A/C units have a service life, and window or outdoor unit, not cooling to called for temp you should have a an A/C service tech look at it because you might loose the tenant over it.If she wants 69 and you tell her to live with 72 it might be a deal breaker, (I run at 68 and it never varies even 1 degree no matter how hot it is outside).Good Luck!

Baseboard heat and window units. 

The home is cooled with window units and heated by the same window units/ceramic wall mounted natural gas heaters.