If you put in hardwood type floors now and good wood burning stoves then these things won't have to be replaced before their time. 

The replacement cost is what the insurer thinks it would cost to rebuild if the property burned down.

Both Smoke and CO detectors are required by law in our state as well, regardless if there are gas or wood burning devices in the home or not.

I've been burned by a GC who asked for 50% upfront though.

Many properties are burned down, totally trashed, occupied by crazy people, in a flood zone, etc.

Any advice on rehabbing these burned units, things to look out for, best practices?  

@Dylan Badinghaus I'm one of those people who believe a correction is coming soon, so I think the thing to do is keep saving and being patient and wait for the correction to happen, when values are much better.That being said, if the cash is going to burn a hole in your pocket if you don't invest it, then here are some things to think about.First, how long is your holding period?  

Been burned by bad coverage in the past so I don't want to repeat that in the future.

I read about burned out landlords and vacant properties but struggle to find the best way to find/get contact info for them....

You are gambling and it could burn you.