My natural inclination has been to get into the remolding side of things because I am someone that enjoys working with my hands and my most of my current experience is in HVACR working on pharmaceutical freezers and the like.

I can write up an invoice right now that says "$3000 - replaced natural gas furnace", but until you fire up the furnace and test the performance and put eyes on the unit to verify it is new, who knows the quality of the work?

Also, working with a broker who specializes in working with investors will benefit you greatly as they will have advanced knowledge of coverage's/products available/relationships with their company representatives.  

I'm physically not built for it (especially all the sheets of 5/8 going on the current project to meet multi family fire codes), and I can struggle through the mud work and end up with a decent product but only after splattering it all over the floor and redoing mistakes way more times than I should have to. 

Based on the photos, the fixes look cosmetic in nature and I will be visiting this property on Saturday to have a closer look. 

Try to find some local suppliers/distributors/dealers for the products you want and price the materials you are looking for.

@Mark Gliebe Hey Mark, You shouldn't just go on the Cap and Purchase Price because Cap Rates are dynamistic in nature and frankly subjective by market and asset class.

I'd always be naturally wary of moving any asset into California because of the "California Clawback" which allows CA to track any asset that goes back from CA to any place else via a 1031. 

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/The site has quite a few tools that can be helpful for new members.

If its hydronic heating you can replace the freestanding radiators with a baseboard product like slant fin 30.