Over the years, I’ve witnessed both newbie and seasoned investors get misled by various players in the real estate game, from wholesalers to contractors, realtors, property managers.

If you need to have a contractor walk it down, go that route. 

To avoid the risk management/insurance that comes with tenants' wood fire use:I'm thinking to seal the chimney cap on roof and run a cord putting an electric Infrared heater fireplace in there, so they can still open the glass and get heat and watch TV over the mantle, but can't burn anything or have any flame.

This approach will help minimize the potential financial risks associated with renovations and working with contractors.

If you're investing in real estate out of your home state don't you have, at minimum, a Realtor, Contractor, Property Manager, Lawyer, etc. in the state where you're looking to create a local presence?

I breakdown my budgets by Category (Roofing, Siding, Painting, Electrical, etc.) 

Agents and Lenders are typically a little more available than a good PM or Contractor.

In the Parlor floor we added a large-ish kitchen with electric oven and cooktop that goes to the sub-panel that belongs to the Parlor floor, making it a nice 800ft 1 bedroom apt, with access to a shared backyard.   

This is where smoke/CO detectors, grounding, electric garage door reversers, and other goodies came from.If the municipality performing the U&O calls out an item, Seller is stuck with resolving it either by fixing it or negotiating it with the buyer.

In an ideal world the investor, a partner, an interior designer, or for larger investors maybe a project manager would be able to collaborate with the contractor(s) on these things.