More along the lines of paint, carpet and appliances and less along the line of tear down walls, redo plumbing etc....and I hire most of the work out as opposed to doing it myself.  

I am purchasing a HUD home that does not have any kitchen appliances and the half bathroom on the main floor is framed and drywalled but there is not a sink or toilet installed.I am being told by my lender and my realtor that I should have a working stove and toilet for the appraisal to pass. 

Asphalt roof is just under 10 years old, Furnaces (2011), Hot water heater (2012), window A/C units (2012), appliances (2011-2014), electrical and plumbing (about 2000).  

When I moved out of a personal residence and made it a rental, I actually took my old appliances with me and bought new ones for the rental.  

We replaced bathroom appliances including a cabinet with built in sink under counter.

Painting, changing light fixtures and updating appliances goes a long way it will get you rented quicker and it may get you a bit more then if the house has that tired look.

You save more money and not pay for their time, because sometime they bring the wrong appliances/materials and you have to redo it again.

., most homeowners policies cover personal belongings, appliances, etc. 

I went through, and saw that the property needed some work and the HVAC was older as were the appliances, so I offered him $16,000. 

• Interior - What is the condition of the floor treatments, electrical, appliances, etc.In summary, depending on the property, the tenant, construction, deferred maintenance, etc. you could spend 10 x the collected rent on expenses.