It would most likely not give you asset protection since its a non-arms length transaction.

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?"

I'm only seeing one rule (safety). 

That is a safety issue.

Trying to stay at arms length (close to relative type deal) but want to watch over an elderly person.

That's their cheaper, more competitive arm, but has more underwriting constraints.When it comes to flips, especially the quicker ones, it's not the rate that hurts you, but the points.

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."

If there are any concerns with the property that are suspected to be causing a safety issue or potential damage to the property you can enter without notice.