Large basement and attic space, new roof and some of the kitchen is already torn out from the current owner. one bedroom does have a closet that will need built. plumbing seems fine, maybe a couple angle stops to change.

We took a break from rentals here at the end of this year, going into next year, to redo our kitchen. 

Number of units, kitchens, etc.If these things were disclosed it would seem that things should be OK. 

I have noticed more agents get out which is more business for the long timers.

I've already renovated one of the bathrooms, and I’m planning to paint the interior, update the kitchen cabinets, possibly sand the wood floors, build a fence is a corner lot and increase the rent for the room since my tenant is currently renting the entire 3-bedroom, 2-bathroom house for $800 a month.

Kitchen and bathrooms.

Also would love to know from other members how much they spent on the last project and what is a good contigency to put on the final cost for a first timer.

They will try to run 2 kitchens and that can mean clogged drains in your wet bar kitchen.Be sure there is personal recourse when you need to sue them for $40k in repairs above the deposit.

This could be adding a second bathroom, finishing basements, or updating kitchens.  

I have personally stayed in one of these places where the main house is separated, and only the basement space which has a walkout entrance, its own kitchen, and two bathrooms would be rented out an Airbnb.