The good thing is the property is relatively new so maybe some cap ex things are ok, but things like appliances could be nearing their end if it's been a rental from the beginning.

Appliances will be new.

My rehab budget on the 2007, 4/2.5, townhome would be 15k for interior only(floors, appliances, TLC) as the exterior is covered by the HOA.

When an appliance broke, I would buy a used stainless appliance.

All most inspectors do is make sure the appliances work and the drains are not leaking. 

Buyer asked for home warranty paid by seller which I countered saying that all appliances were new and I services the HVAC.

I checked smoke detectors, replaced air filters, serviced the HVAC unit, & checked the plumbing, electrical outlets, appliances, and crawlspace.  

Needs new appliances throughout, some updating to the one bathroom.

I don't get naked for everyone....but it's part of his job...he needs access to my ummm errr "property".Seriously, I have been thinking that maybe I should have two lockboxes....one for the stage when I am having numerous people in and out...and a second once the rehab starts and I begin to have materials/appliances/etc delivered to the property. 

For practical purposes this means any upgrades you do to your unit above the most basic features (vinyl and carpeted floor, discount appliances, etc.) must be insured by your condominium unit owners policy.