Do not skimp on little things like outlets and switches and covers.

With that said, I'm sure there are flippers who cut corners and put out junk, however there are others who are budget conscious with the finished, but wouldn't skimp on the important items.

Don't buy a home with a major negative (airport flight path, train tracks behind, major street, 50 steps to front door, next to or near by a landfill, etc)Create the best floor plan, remodel kitchens and baths, don't skimp on landscaping front and back, shop for best deals on materials.

Do not skimp on the PM!

This is also one area you never want to skimp on.  

These, obviously, don't get wiped out from a foreclosure.There's plenty of opportunity to skimp, but considering what you will normally pay for a property, the cost of title insurance is chump change and well worth the protection.

That being said, DO NOT skimp on landlord insurance.

Never want to skimp on quality for electrical!

I don't know what comps are like out there, but you'd have to skimp incredibly on every possible option.  

I am all for the idea that you finish your basement , just make sure the quality of work is in line with your main floor and not skimped out on cheaper materials.