She's owned the house for 5 years, the house is fairly new with little needed repairs (maybe new carpet and paint).

I am looking on possibly doing my first flip here's the details:3 bed 1.5 bath 1200 sf ranch with semi finished basement at foreclosure asking 70k really only needs paint,carpet and landscaping.

My something was being broken into and having copper stolen, having to replace some new drywall and carpeting in my finished basement due to the broken copper, having the furnace go out 3 days before it was getting staged.

After I got back home yesterday, I spent a good bit of time running the numbers and unfortunately, the estimate on repairs I gave you yesterday, is more after putting a pen to paper.In order to get the house ready for new home buyer, I believe you will need to make these repairs.New RoofRefinish HardwoodsRepair Damaged SheetrockRepaint All InteriorRepaint Front entrance exteriorReplace Carpets in Basement and StairsService the furnace and air conditionerIn my estimation, this will be a $10,000+ renovation.

If you are simply doing cosmetic work to prepare your property to be rented, you should be ok with the type of policy you have as "tenant-occupied", as it should give you a little time to do "rent-ready" types of items like paint and carpet, etc.

And the "normal wear and tear" can be a pain, as, for instance, my last turnover, the carpet was in like-new shape when they moved in as a single person lived there since I installed it, then in one year the new tenant completely trashed it (tears down the middle, etc.), and I can only charge them a portion of the cost of new carpet simply because of the carpet's age.    

If the units have carpet work in the cost of replacing it with laminate into your budget every time a tenant turns over.Class C areas and "central air" do NOT mix!

For new carpet installed in rental, should I report as expense or capital improvement and depreciate when preparing taxes? 

It can be ball park figures.Here is a short list of line items:roofingconcrete driveway replacementcarpet install (average quality carpet)paintingreplace old pipes with copper onespest / termite tentingasbestos/mold abatementAlternatively, you could give me your ball park numbers that you use for FnF's..

Has hardwoods throughout...Was covered by carpets, pulled up the carpets today and was ready to install vinyl sheet flooring over it.