Ohio is leading the charge to shut wholesalers down.I'm not sure that my answer completely explains everything that's going on with the topic, but hopefully I shed at least some light on it. 

The project list includes replacing the kitchen counter-top, repaint kitchen cabinets and a bathroom refresh (i.e. replace the vanity, mirror, lighting, clean grout on wall tiles and new epoxy coating of the existing tub). 

They will throw away the postcard if they feel like they make light of the situation. 

However, our quote included fixing a large water damage leak in the kitchen floor and wall, cleaning the carpet in the bedrooms since it's not bad just dirty, new vinyl plank in the common areas, light renovations on the bathrooms, new windows, new paint throughout, new hot water heater... more I can't even remember.

Can anyone currently investing in Short Term Rentals in the Memphis area shed some light on the current rules and regs?  

There were plenty of people on this forum, who treated those of us warning newbies, like we were party poopers and fools for trying to stop the Brian Page types from jumping in.

Clauses that are silent on pandemics, epidemics, or other viral outbreaks are likely to be insufficient for a force majeure defense due to COVID-19, unless, of course, courts liberalize the force majeure analysis to account for market realities.[11] If a force majeure clause clearly covers COVID-19 as a qualifying event in light of the WHO’s declaration, parties seeking to invoke the provision will not need to establish the event was unforeseeable, but will still need to show: (1) that they took steps to mitigate the damage, and (2) that performance is truly impossible (or meets any other standard the clause requires). 

I'm not seeing any high end finishes in these.That’s what I am seeing in most areas all in including drawings, Enginering, surveys, permits, inspections, tap fees, utilities, site work, temp power and temo toilet, trash and sweep outs, Fiber cement siding like hardy plank, architectural shingles or better, hardwood, ceramic tile, granite countertops, upgraded appliances and cabinets, upgraded light fixtures plumbing fixtures.

However, if your seller is savvy and knows you just remodeled his home, he could simply evict you so tread lightly.

One item you didn't mention was light fixtures and plumbing fixture upgrades.