The insurance for that line can only be obtained from a supplier that the DEP has procured....or so my insurance agent says.  

Management, procurement, single, multi, leasing, wholesale?  

Take into consideration if there are any issues in the particular area, also how you will obtain the financing for the transaction (if applicable), what sort of tenant you think you'll be able to procure (and make sure to have rental comps of course), and also how you will market the unit to land your ideal tenant (and a budget for that). 

If you are going to hire a contractor to procure all the materials and do all the work then he will be adding a 25-35% profit margin for his efforts.

It is in need of extensive rehab work including, but maybe not limited to, the following; vinyl siding installation, metal capping, Gutter installation/repair, roof removal and replacement, foundation repair, mold removal, carpet removal and replacement, asphalt shingle installation, permit procurement, drywall repair. painting and bathroom remodel.I am looking for a general contractor.

Will they select and procure specific finishes and fixtures?

In my experience, though, the relationship with the prior tenant is ended once a new tenant is procured.

Here's my question- in this arrangement, I think who procures the material is critical for tax purposes...if I purchase, and GC reimburses, then could that be viewed as income?

It was worth it to me since my investor procured all the financing (at great rates that I couldn't get). 

The Limited LiabilityCompany shall also indemnify any Indemnitee who was or is a party oris threatened to be made a party to any threatened, pending orcompleted action by or in the right of the Limited Liability Companyto procure a judgment in its favor by reason of the fact that suchIndemnitee is or was an agent of the Limited Liability Company,against any losses, claims, damages, liabilities, expenses or anyother amounts incurred by such Indemnitee in connection with thedefense or settlement of such action; provided that no Indemniteeshall be entitled to the foregoing indemnification if a court ofcompetent jurisdiction shall have determined that any such losses,claims, damages, liabilities, expenses or such other amounts resultedfrom the gross negligence or willful misconduct of such Indemnitee.The Limited Liability Company may advance any Indemnitee any expenses(including, without limitation, attorneys' fees and expenses)incurred as a result of any demand, action, suit or proceedingreferred to in this paragraph (b) provided that (i) the legal actionrelates to the performance of duties or services by the Indemnitee onbehalf of the Limited Liability Company; and (ii) the Indemniteegives a full recourse promissory note to the Limited LiabilityCompany for the amounts of such advances payable in the event thatthe Indemnitee is determined to be not entitled to indemnificationhereunder.