Roof, furnace, AC, water heater, siding, flooring, windows, appliances.

The roof is leaking in every room so all the drywall needs to come out.

I know that this aspect is critical, and it is one area I am most unsure about..

I especially enjoy the podcasts as I can listen and learn about different aspects of real estate investing while completing other tasks. 

Someone had broken in and stolen all the copper out of the AC units on the roof, evidence of animal life was everywhere, cats mostly.

We replaced the roof, and then 25 sheets of plywood under it that had rotted out.  

I forget that a lot of investors can sometimes get hung up on DTI when they're trying to get more loans.I actually wasn't aware that financing rules are changing; if what you're saying is accurate (and I assume it is), I may need to rethink some aspects of my strategy.

I should have clarified that my intention is to use the renovation budget for major fixes (structural, roofs, exterior projects, plumbing/electric) and then I was planning on doing the smaller projects that I can handle (flooring, painting, kitchen update, tiling/backsplashes, etc.) over time.  

As for insurance, cleaning gutters generally requires standing on a ladder or climbing on a roof -- why would you assume that the rehabber wouldn't expect you to invoke your insurance on a job where there is risk of injury?

there seems to be some issues with plumbing electrical and roof but everything is minor.