Our goal was to keep the homeowner in their home and work out a loan modification. 

If you are investing outside of your market, it is vital that you are working with trustworthy experts in their field whose interests are aligned with yours.

what if the owner files for modification of mortgage the last minute.

@Komal Patel this is where knowing you market is vital.

It makes sense to me to start with a standard contract, put these vital items in there.  

This would also be an opportunity to affect any other needed updates or make modifications to the layout.If the walls had batt insulation, dispose of it and forget about putting new batt into your new walls - IMHO is has no place in a basement.

There are lots of formats and books on rehabbing that include tons of estimating forms and calculators.I want to add, however, that repair estimates is vital and learning how will be a huge part of the buying/renovating process if you plan to continue.

No matter your RE strategy,building your team is of vital importance.

For me this is the real power of investing in Amsterdam.For an out of country investor it is vital to have a good person and or company to do this for you, it has to be as passive as possible.

Thank you for your time and any knowledge on this.Being an architect, when I recently purchased a home for my family I was closely watching any modifications and renovations that occurred and if they were legal.