More expensive buildout the more expense the clean up when tenant moves out. 

Without those changes, my reserves could be depleted in a year. 

The property needed some clearing and major clean up/demolition of some old buildings and junk from the previous owner.

I have excellent credit and cash reserves, but I want to buy a fixer and don't want to deplete my reserves on one property.

On the surface looks like minor wood replacement/repair outside, and general cleanup and paint inside.

Just to clean up something I mentioned above.  

I'm trying to find a way to protect myself against that because I personally don't have much in the way of cash reserves for repairs and such and I fear my cash could be depleted quickly if something did go wrong.

Oh, none at all.Except maybe the monetizing part.If you three women owned a horse together, which part would you want: the part you ride, the part you feed, or the part you clean up after? 

If they sell the house, the proceeds must be used to pay the nursing facility first, then Medicaid will pay once all the persons funds are depleted.

If it could help clean up New Ken then that may even be something else to consider.I see you're from around Pittsburgh.