The major factors like the roof, furnace, plumbing, electrical upgrades, and foundation repairs are all examples of costly expenses you'll want to inspect before closing the deal.

For a BRRRR it should cash flow about $300 monthly, and as a all cash rental about $600 monthly, and both of those were with more upgrades than really necessary for the house because I wanted to way over budget the repairs, because I'd rather over budget and be happy that I'm under than go way over. 

Utilities, site upgrades, engineering?

Our project management ensured timely and budget-conscious completion.

Anyway, we are thinking about renting the house that we live in right now for a year and moving into another house that we will house-hack, probably upgrade it with an intention of renting it in the future, and probably come back to the house that we live in right now. 

In the past I added mini splits to units, I upgraded a terrible kitchen with a tenant in place.  

Samantha Reeves,Thank you for your reply I went through the Handbook , and although it's quite detailed , it seems to me that as Long as the Roof is in Good shape, there is no Peeling Paint on the Exterior of the house, and that the HVAC system is in working order , as well as there are no Safety hazards regarding  the property/house.What I'm not sure on though , is what if there's Some rotten wood on the exterior and or you want ( Need ) another $5,000 to upgrade the house .....new cabinets, faucets, flooring, re-paint the inside ?

One person may take the “it adds perceived value”approach, while the other is cost conscious.  

If we add a mini split, we will also need to upgrade our electric panel, as it is currently full.

I’m not making much on rent and the house needs HVAC upgrade as well as cosmetic repairs.