would run a mile aswell, not worth the hassel esp with new baby on the way, it may sound great, doing it up, but when we renovated our mums house a few years back the house wasn't the same for 2 years with dust etc, we discovered problem after problem...your opening a can of worms and for the health of all 3 i would reconsider, unless u got the house at a reasonable price which allowed you rent out something more comfortable..
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