You can't skimp and expect to pass inspections - and you shouldn't want to.I just bid a 3 car garage, 640 SF living area -one bedroom, one bath above, hardwood, quartz, full kitchen & stainless appliances, A/C- true turn key - at $267K. 

Do not skimp on this step.My inspection days are a flurry of activity where I also bring in some contracts and specialists for estimates on work I may do in the future, so I can see how much I will really be putting into the house.

When moving a tenant in, it is easy to skimp with the move-in inspection check list (or "Property Condition Report", as we call it) yet it is a critical document.

I'm not a big spender but don't skimp on buying good quality groceries and go on vacations abroad about 3 months/year altogether.

Like Dave and others have mentioned, the 1031 is going to be a powerful tool for you if you do sell, so don't skimp on the research there.If you're willing to post some more specific numbers for the property we could weigh in with more specific advice :)

Except the made-up definitions get dangerous when those who define themselves or their lender as “private,” believe it’s, therefore, ok to skimp on origination.

However, don't skimp on the OP agreement, I've seen them go sideways between brothers 15 years later.  

. $40kBUT I did all the work myself & we bought all the supplies at auction & didn't skimp on quality.

If everything is clearly in writing you are good to go but do not skimp on this because they are family. 

I don’t skimp in that area.