Its time to cowboy up with some YouTube videos and do the work yourself!
I tried this once. 5 years later, I had a fixed up house, my receipts only amounted to about $25k in materials.... but I had collected zero rents and burned about 2-3 whole weekends a month that entire time. I had spent enough time and energy doing something I had little experience in (and therefore did slowly) that I could have otherwise earned a graduate degree, started a few businesses, worked part time on the weekends and earned maybe $50k, or any other number of things with a higher payoff.
The kicker is that my amateur workmanship gave potential buyers the creeps, and I did not get top dollar when I sold.
TL;DR - I found out why flippers borrow money, hire professionals, and knock a house out in 3 mos.
1. I totally agree with this - truly, a fixer-upper is not for everyone.
2. There are other strategies and ways to keep the costs down without dedicating your life to your house so someone else can enjoy it and hopefully not destroy it during their B&B stay.
You could start with replacing the windows, that's relatively easy as jobs go and you have the immediate benefit of noise reduction and between 10-15% energy savings.
Inquire about code and/or permits. Some permits are only good for a limited time so keep that in mind.
Determine if you have standard size windows - anything standard is generally cheaper and easier to come by.
If you have large glass fronts facing the lake think about if you want to keep it all exactly the same way or if there are smarter options you'd like to consider. Different configurations are available (instead of one sheet of glass that cannot be opened, you can use a large stationary glass in the center and two side windows that may be opened - which will still look like they are one connected window front).
For instance, this is also your chance to widen your window opening if there is one window in the house that is awkward or too small or possibly even too big.
Spend smart - do you know someone in trade or do you have a contractor friend who might be able to recommend someone who is reasonable and reliable?
Are there manufacturers in your area who sell to the public?
See if your local Habitat for Humanity store happens to have new windows in your size - ya never know, even if you only buy one window at rock bottom price that just boosted your budget for something else.
Sometimes the installer or a manufacturer is stuck with canceled orders and you can get a great deal on all of your window sizes. Always ask, not just for discounts but maybe they have a window or two that would work great for you on one side of the house instead of replacing six identical windows all around the house.
This is one time when Craig's List and Facebook groups come in handy!
Mr. R. has cousins in the various trades but even if you don't, start by asking questions, get quotes and be open to options. Some companies and installers will work with DIY people so you can save money on prep and demo as long as the window sizes and access are suitable for DIY.
It isn't possible to install a large window even on ground level by yourself, that's only asking for trouble and injury.
3. I question whether you are a DIY person since most DIYers of my acquaintance incl. I would have found ways and means to do a project here and there - regardless of the money aspect.
Trade skills - trade time with friends who work on their own projects - get your friends together and throw a weekend reno party - let someone stay rent-free while they re-do your outdated plumbing - electricity - just to name a few things that I've done that cost practically nothing.
That plumbing project involved a three-story house with a full basement that needed new plumbing from top to bottom starting from the street. I even got the copper pipes for free because my connection got free pipes from a job he was on where they kept changing the plans and the pipes were already paid for but not used.
To add to the fun we found one major problem along the way, there was an undetected leak from my bathroom to the cellar below. Thank goodness that the water dripped into the old coal bin directly beneath the floor into the basement. Turns out one of the pipes had not been soldered at all only connected by a DIY guy who put in the bath and overcharged my mother to boot.
The kicker was my professional plumber was leaving on vacation for a month - so I was without a bath, because well, everything had to dry out first anyway. Good thing it was a hot summer and the bathroom had a window to the garden.
Fun times when you don't have the money to just call in someone else - I was only paying cash as I went, no debt for me.
Took me over five years all in all.
Just saying that DIY is practically a lifestyle, I was very much involved and remember trudging through a house filled with construction dust trying to get ready for work - white dust on a dark blue suit - just lovely:). While it can be fun, entertaining and educational not to mention save you lots of money - if you go about it the wrong way it will cost you more money in the long run and you are not just dedicating a good chunk of your time, you'll be tired going to work and coming home to more work...:).
Just think how many years you could have already enjoyed the finished job - the material does not get any cheaper either, codes change, things become more difficult.
So yeah, just watching youtube isn't quite the answer, there is a bit more to it.
I chose some custom features and more expensive tile because I was living in one of the apartments in the house and I planned to stay (life intervened of course). I was lucky I chose well and my renovations were an excellent selling point. I was aware that a bathroom/kitchen reno adds value, along with updated plumbing, electricity, roof, flooring but everything else is just fancy, custom amenities that may or may not be attractive or important to a buyer.
So no, my special Italian tiles and fancy built-ins were great features but gave no real return on the dollar.
However, they were essential to my happiness, the reward for all the hard work I put in and all the shenanigans I went through to get it all done on a dime. No regrets.
Now we live in a small bungalow and I still don't do the bland, cookie-cutter things because I'm not in real estate and I intend to please myself first and enjoy my home and property as I wish.
... alas, I've put off the hopefully last bathroom reno of my life for too long. Time to start looking for those tiles before I get any older:)...
Get some quotes on the full remod. Also figure out the prices it would bring in fixed and not-fixed condition.
I'm with ChpBstrd - analyze the true cost first and consider all the options he mentioned. Good luck with whatever you decide to do!