We hired out slab, insulation, drywall and tile.

Start researching your area, learn the values, get with a mentor, go to open houses and window shop, find contractors and get into discussions, get an idea of what sheetrock and insulation costs.

It's a market that's very insulated to recession, so there's some peace of mind that regardless of where we are in the cycle you can continue to cash flow and hold your value.

I'm going to put sound insulation too...

Roof, plumber, mold clean up, wet/moldy insulation, maybe ceiling and floor, maybe cabinet replacement....I'd ask for $20k! 

I had a contractor who has 20 yrs experience; he was explaining R value of insulation and what the city requires for additions. 

That's part of why I love OKC, it's super insulated to recession so when other markets saw 20% drops of their property values, we saw 6%.

If you're doing this to insulate your personal liability, QCD won't do that as any RE attorney will tell you.

It will need a new roof, electricity brought up to code, hooked up to water and sewer, insulated, and heated.2) Turn the attic of the house into a 3rd bedroom with a bathroom (around 200 sq ft of usable space) and possibly a new staircase that isn't so steep and maybe with a separate entrance from the main house, if possible.3) Build a tiny/small home in the backyard (300 sq ft or less) and rent that out as a STR, but it would also need to be built to code and hooked up to water and sewer.Once I'm making a profit of some sort, depending on which option I go with, I'd like to start fixing up the main house.

Back in those days asbestos was barely new to the market and was used for many things such as siding, plaster walls, insulation, duct work and even shingles.