When someone can’t pay their home mortgage payments it is not likely fraud, just a job loss or business loses.  

I did get a complete nutjob once though that nearly made me lose my mind.

Then, with reasonable confidence you can estimate costs.I personally don't love the square foot estimating method for remodeling as I think it is an easy way to lose.

An STR that is poorly managed may leave the PM without his or her portion of the income, but it may set up the owner to lose the property if that cash flow was needed to pay the mortgage.

@Bruce Woodruff, I want your extras added to this list first please.Anyone else have some good ones to add so we can help those who are in the middle of their first reno from losing more money? 

It will be more money out of pocket to furnish it, but if your area supports it, might be a good way to keep from losing money until you can long term it. 

If Mr Murphy shows up (which he will, 100%) and anything goes wrong (which it will,100%), you are just going to lose money.

Size it appropriately so that f you lose you’ll live to fight another day.  

You will invest your $1k and lose your money.

The question I would ask myself would be is the $175 worth losing a tenant?