The cheapest way I've found to update the kitchen (lot of experience with investment properties as well as my own home) is to save money on the cabinets, buy them from Ikea and change out the face + hardware. This will save you a Ton of money. Also, if you can get away with granite, I have a guy that is approximately half of what you would normally pay. If you're interested, send me an email and I'll give you his number.
@RR, I've been finding wholesale properties for investors for years. If you need help with labor for contractors or any questions in general, feel free to send me an email.
mike@newmarketrealty.com