Sorry this is not an answer, but just a suggestion. Ferret out a couple competent local contractors that would go to your property and give you some ideas. Sounds like you will be flipping the home? Still pays to get wise council from the git-go.
Need to consider conditions unique to your situation. Grade, drainage, sun/shade, kids, pets, how much time do you want to put in to it for upkeep. More questions will be asked if you get someone worth their salt.
Having to redo something can burn up a lot of money needlessly. Need not do it all at once either.
Good luck . . . It's rewarding seeing all the pieces come together.
Last edited by Lawn Pawn; 06-15-2013 at 10:14 PM.