I know that is not always the case with functionality items for homes. 

I believe they stopped using knob and tube wiring sometime in the 40s.Roof - Of course in that amount of years, most likely the roof has been replaced at least a couple times, but this is also a big ticket items to look closely at.Plumbing - I think it was sometime in the 80s when PVC pipes were starting to be widely used.  

When would I need to secure items for installation like the kitchen cabinets and toilets, etc.   

In Florida where I live, those two items cost me about 25-33% of my monthly income on a LTR.  

You'll want to ask for an itemized invoice if they do not adjust downward significantly and plan on spending some money on an attorney to come up with a strategy. 

Sometimes the 20 or 30 year of 'relationships' they reference as an item of value can in time evolve into a relationship of contractors, subs and suppliers, looking out for each other, not necessarily the builder or project owner interest.

For a $20K home, what happens to returns if major capital items are needed after year 2?

And are there any expenses that go on my itemized deductions?

Because of this, I felt it necessary to post our first blog article pointing out key items you need to know before you purchase an investment property in the area.

Other small items:    Our drywall was already cracking in 15 + places, but we thought we could get it done a week or so after the foundation lift.