Also put a light in the closet.

All in, we are spending about $50K on the renovation and hitting high value items like kitchens, bathrooms, appliances, lighting, paint and trim, etc.In section 946 of the tax code, (https://www.irs.gov/publications/p946/ch04.html#en_US_2013_publink1000107513) there is a run down of what useful lives you can use when you spend capital on a residential rental property.

So... in light of the huge hit on repairs to the condo facility, we are discussing short sale options again. 

Sounds great Dana Light I will be there.Appreciate the info.

We have stop signs, signal lights, laws to obey, and a ton of stuff.  

Even in the smaller town near Birmingham I have received these warnings.

The materials vary but labor costs vary as well.I usually assume $10 dollars per sqft (interior livable sqft) on a very light cosmetic rehab that would only be some flooring, cleaning, paint, change of plumbing fixtures, possibly some appliances, and kitchen hardware, along with some new trim).Once we get to redoing the trim and doors and new kitchen it can get up to 20-30 dollars per sqft or more depending on the grade or level of work you're doing (low end, mid end, to higher end area).Most of my experience has been with upper low to mid range rehabs and rental grade rehabs focused on getting the highest rents, with the most durable materials I can find, delivering the eye candy, but not over spending either.So I guess for you it will depend who  you're catering your rehab or repairs for.

More about the home, neighborhood, and long term plan:Maybe a little more about the home will help shed light on the decision. 

My current actions are looking for doing some light cosmetic repairs on my current house (fencing, flooring and other misc) using the equity in the form of  a HELOC (25k) and personal money (25k).

They are with me, fair warning though because they hold their loans and they are small fintech company their underwriters require a lot of letter of explanation