Is there a simple solution without spending a fortune?

@Michael Harris I'd recommend reaching out to @Rich Somers from Fortune Cribs. 

Metro Detroit (my rental portfolio is here)Purchase: $80k-$130kRent: $1200-$1500ROI: Double DigitCash flow: couple hundred/monthAppreciation: Double digit (for past 10 years, will gladly send data)Location: C, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare and Auto industries.

If there is enough meat on a deal - which there isn't in your example - a private lender may accept a higher LTV, perhaps in exchange for a piece of the profit in addition to the rental of her/his money.You are in a market where prices are crazy, but fortunately for the short term, so are rents.  

Again, I don't want to spend a fortune doing this, but I definitely think by either tiling or refinishing the hardwood will enhance the amount of rent I can request.What would you say it would cost to refinish about 800 sqft of hardwood?

I'm fortunate enough to know like 15 or 20 millionaires already and my best friend is friends with a billionaire in Cleveland,TN.

I have the fortune of having left the corporate world in 2007 after years of building up passive cash flow so I'm also happy to help new or seasoned investors any way that I can.

Basically an investment loan comes in at 75% LTV at about 5% interest and 5K in fees (this is after spending a fortune getting the loan to begin with 6 months ago).

http://money.cnn.com/video/fortune/2010/07/19/f_forever_stamps_sloan.fortune/?

It is the 1st chapter in my book, "Fishing for Fortunes" It will tell you in detail what action you must take.