The entire cost during renovation might not have to be capitalized and can be expensed, but you need to talk to your tax professional and give him all the detail. 

I’ll PM you the addresses so you can check neighborhoods and comps. if any look good to you, you should be able to find some houses for sale with the same specs, in the same neighborhoods with similar values according to Zillow.

As far as your loan options, discuss that "Solely" with a Lender, as they will address all of the requirements including your self employment status and your current lease arrangement and how they affect qualifying for a loan. 

He told the renter that they have to go after the lease ends, which is about when the violations need to be addressed. 

Just get the business license by addressing their questions and stating your business operations as you did in this post.

The venture-specific LLC will offer more liability protections, and you will have the opportunity to craft an Operating Agreement that puts a "clock" on the details of your deal.

@Michael Cheng28-33% Debt to income, 30% is a safe and easy factor to start with as you probably wont be close.20-25% down payment will be required for non-owner occupied properties.I would never borrow from my retirement accounts, I was just addressing your concern about having 6 months reserves required to get the investment property mortgages.

But I would definitely try to salvage the mantel and find a creative way to use it elsewhere in the home - because people do love those original details.

More details on my personal approach from syndicatio standpoint is in my article: https://www.biggerpockets.com/blogs/10850/75569-care-for-your-investors-like-mom-cares-for-you

I looked it up and there are other addresses on the county website and it’s also a “Family Trust”.