We removed a chimney to open up the space and updated all the major ticket items—new electrical, HVAC, and roof.

It's no different than those who hold stocks, then need to liquidate to purchase items.

Clean it up a bit to get most bang for the buck add ons and preventative damage items like water leaks.

Lots of posts here on BP on all the questions to ask as there are 100+ items to consider

My wife and I used to do flips in this area, and I have a couple listings along with long term rentals I manage in the area..For the co-host, they typically do not handle permitting and other items like that (this can be agreed upon between you and the co-host.

If we need customized items, like a Leasehold DOT on an airplane hangar portfolio, then we (borrower) pay extra. 

Brick v.s siding and covered v.s no converted parking also make a large difference and are items that have to be adjusted for. 

I'm sure HUD put a specific line item (503) on the settlement statement to help people commit fraud... wtfhttps://www.hud.gov/sites/documents/1.PDF

I always pay off my highest interest rate items first, especially if its debt.

Prepaid items are comprised of property taxes and insurance and prepaid interest.Property taxes and homeowners’ insurance will depend on whether or not you have an escrow account, when you are closing, and when those items are due.