Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

It is much better to have a reserve fund and add it monthly.

Quote from @Victor Yang:In addition, is it possible for me and my wife to gift 36k worth of equity per year of the house (under the annual exclusion limit) and therefore have none of the costs go towards the lifetime gift limit?

Just one additional option.  

Electing disregarded entity status avoids additional filings while achieving the same tax outcome.This post does not create a CPA-Client relationship.

FlashlightTape measure/Laser measurePaper/Pen/iPadBinocularsReceptacle testerLevelMarbleDroneRespirator/Face Mask/Eye Protection/GlovesAQI testerWater pressure gaugeThermal cameraEndoscope cameraKnife Good list, in addition in my truck; ohm meter, megger, magnehelic, steel ball, air compressor  generator, plus stuff I'm forgetting

That leaves an additional market demand of 780 units.

Most look at a Certificate of Insurance and confirm coverage limits but best practices are to (1) become added as additional insured under contractors policy and (2) understand coverage exclusions which are not going to be detailed on an insurance certificate.

The property was in a great market but needed full cosmetic rehab and a basement finish to add an additional bedroom which in return would bring up resale value.

Give them a 60-day notice, then charge them a prorated rent for the additional 20-day extension.