There is a common misconception about deleading cost and how it can be done.It varies from situation to situation, it could be as simply as covering hazardous element with some plywood or metal, or it could be some replacement doors/windows and making paint intact.

I would also say that markets like Manhattan are not super representative of most markets in the US - a lot of foreign investment I'd imagine in NYC, Miami etc - I'd guess a lot of these cash purchases are more about exchanging unstable or risky foreign assets/currencies for perceived stability/safety of US top metro residential real estateI think in a lot of other markets where this isn't relevant - I think most are cash offers being "king" as not having appraisal or other contingencies that might sabotage the sale after 30 days or so and make people re-list (sellers will take less to avoid this risk and downside)

Families want safety and a big house, so they are willing to pay top dollar. 

It also took me down the rabbit hole of the safety of escrow deposits which seems quite frightening.

The primary benefit of a smaller  renovation is you'll have a larger safety net if the renovation gets out of hand, the property won't sell, or if it takes longer than expected to rent.

I remember the reports of the first cases coming out from Wuhan in December of 2019 ,and obviously since everyone knows there are only 4 comprehensive bio safety level four laboratories on the planet, Moscow, Paris, Fort Detrick-Maryland and of course Wuhan Institute of Virology, and given that there are over 100,000 small town with wet meat markets throughout China, one doesn't even have to ask the question "what are the odds?"

That is a safety issue.

I'm only seeing one rule (safety). 

People confuse liquidity with safety in regards to risk.

As mentioned above, the builder is just going to complete any necessary corrective work as part of their pre-close punchlist.Here is an exact quote from one of my builders (49-unit townhome project) from a couple of weeks ago on the topic of third-party inspections:"•We will solve items that fall under the category of our Fit and Finish Warranty or any life-safety issues •Cosmetic or "recommended" items from the inspector may not be considered and are subject to Builder review and discretion."