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. 

Rent comp data is not as easy for the appraisers to capture as sales comp data is so they often make errors on this.When I run into this issue with my clients I ask them to send me 3-4 rent comps in the area to dispute.  

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?

Another thing I am thinking about is getting pictures, and then writing out the items that need work, putting an upper band figure on it, and then using that in my analysis. 

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.

I'm in a different position in life where cash flow is not as important that equity capture.