Appliances do break and you need to be ready take care of the bill when that does come around. 

I spend roughly $120k on my renovations, but this is for the entire property and developing the secondary suite which certainly costs more (2 new furnaces, all new plumbing, new kitchens and bathrooms with tiled floors and showers).All said and done, I personally love it.

., paint, flooring, or perhaps a kitchen or bathroom remodel), buying it at a decent discount, and putting down at least 25%.

These are not situations where you will pay a price down the road like not pulling permits for a kitchen/bath remodel.

We found an opportunity to purchase a huge SFR with two kitchens located next to a commercial zone which was previously used as a sober living facility.

I tried to stay out of the way, but I had to stop several things from being done wrong—spaces between kitchen cabinets that were too small by at least an inch for the appliances to fit, a walk-in pantry being built that was too narrow for anyone but a child to get into.

This is a unique home and it actually has a full kitchen, 2 bed and 1 bath downstairs and I think it might be well suited as a very large vacation rental(entire home) or both floors being rented separately at some point in time.  

Expect to remodel kitchen and baths and put new floors down, paint, knock down a wall to open the floor plan. 

Both bathrooms need a complete remodel as well as the kitchen, the ceiling in 2 of the bed rooms are bowed (previous roof leak that was fixed) so new ceiling drywall, appliances, flooring, and paint throughout.

Two of the kitchen cabinets were also cut in half.