We put in a new AC unit, breaker box, roof, tore out rotted wood on the roof of the back addition, new insulation in the back room, new windows all around, all new doors, new siding, collapsed the septic tank and added a sewer line to the street, moved walls and opened walls inside, tore out the rock driveway and poured a concrete driveway, new fencing front and back, we also replaced some of the old steel plumbing with pex. 

Demo all the drywall out, remediate mold, complete reshingle of roof, replace all windows, replace all outside soffit/fascia/dormers, replace all siding, repipe whole house, rewire whole house, redo all mechanicals such as hvac, redo all interior and exterior doors, paint interior and exterior, replace any framing or insulation damaged by mold/water leaks, replace all gutters, minor landscaping, minor outside repair of concrete wall, install all new cabinets, install all new countertops, replace everything in 6 kitchens, replace everything in 6 bathrooms, install handrails,  install significant flooring and minor subfloor repairs, and install all trim in house.Project will cost around 150,000$.What would be fair for this?

We were not impressed until we came across a contract sitting on the swollen formica kitchen countertop that the former owners signed which basically read that whoever became the new owner would inherit $67k dollars worth of free renovations.We got impact and sound insulated windows and doors, a NEW AC unit and AC ducts, insulation in the attic, they increased the amps to the electrical.

It really comes down to how much you are looking to insulate yourself.

Then after the plumbing repairs are made I would have the pipe insulated (ask the plumber what he recommends). 

I believe that for a full-time worker getting started investing in rental property that an appropriate amount of cash is as follows: - Cash for the down payment (can be 25%, 10%, 5%, 3.5%, or $0)- Cash to cover all closing costs- Cash to cover all expected repairs- A $10,000 to $15,000 or larger cash cushion AFTER all of the aboveThis, I believe, insulates new investors from liquidity risk shortly after purchase - i.e. from not having money to replace the HVAC system, or fund a roof replacement.

What I mean by this is that you'll be better insulated in a downturn having the right property in the right area.

Lastly, I agree with the advice on having an umbrella policy as it gives you a (cheap) way to further insulate yourself. 

Installing sound batt insulation between floor joists. 2.Hanging ceiling drywall underneath a layer of vinyl and a firing strip.If that is not an option then some options would be to install a double layer floor like in picture number 2.

‘Winterization MoldCrime, heat index, walkability, schools AsbestosPoor location, busy street, etc.TermitesDryvit, synthetic stuccoUrea formaldehyde foam insulation (UFFI)RadonNo parkingAge of propertyOld or no windows, unsecured building (SimpliSafe.com)Knob & tube electrical (60A), grounded outlets every 11’, GFI’sUnderground oil tanks, oil heatGravity or steam heat, octopusRoofing: Flat roofs, slag, slate, Yankee guttersPests: fleas, squirrels, bats, bed bugs, rats, etc.Chinese drywallNo firewallBelow sea level, slabLead paint (prior to 1978)>60% rehab, new construction guidelines & building codes (i.e.