Or at best you overpay and the "designer" buys the cheapest junk furnishings possible. 

I would find that to be pretty much not possible with a high volume listing agent.

Possible add insurance on your appliances with them paying by adjusting the rent or if they are OK with it so if something else breaks,your covered. 

Some carriers require limited water damage coverage depending on the age of the property and age of utilities.I would recommend at least 25% (ideally more) when possible and if you're limited to 10% you should make sure you cannot purchase another policy for a similar price.

If possible, visit some of them in person.

I expect a free estimate from a contrator who possibly would be doing the actual work. 

@Robert LindsleyThere's an extremely high possibility that you're going to eviction.

Eats up time and money getting rid of a bad tenant (not to mention possible property damage). 

Yes, you bought what seems like a good deal on paper, but in reality, you own an old apartment building in a neighborhood with poor security, possibly surrounded by long-vacant shops, streets piled with garbage, and a poorly managed community.

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away?