Because the cosigner is not responsible for mowing the lawn or reporting maintenance issues, they have no rights to the rental, and I don't want to communicate with them about anything but the money. 

@Eric Kahn Gale if the pipes aren't having pressure issues I would not spend any of your money replacing them!

Never flipped before.If you take out a HD loan and say your construction estimate comes in at $100k.Eventually the actual estimated construction costs only cost you $90k.When you take a draw does the bank give you money based on receipts/invoices?

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Ideally if i can just assign the contract easy money is best. 

It will get more complicated if you're borrowing money. 

But we us cash, hard money, or investor cash.

If you can find a good enough deal to do some cosmetic upgrades you might be able to make decent money selling to a first time home buyer, or maybe turnkey rental investor.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

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