In the end we updated all electric, all plumbing above basement level, new hot water tank, all new windows, removed a divider wall, installed a 1/2 bath, upgraded laundry to the second floor, full kitchen remodel, full bath remodel, and installed a rear exterior door to the back yard.

I did a full cosmetic rehab on this property---all new paint, flooring, kitchen, bathroom, hardware, etc.

The risk with an ACV policy is not a total loss, but a partial loss like a $100k kitchen fire.  

New cabinets, appliances, and counters in kitchen.

For other first timers - especially if you're more introverted, I recommend making "The Golden Phone Call" - a call to a close family member or friend to chat with in order to get you in a talkative mood just before going into your event.

My game plan is to rehab it as a single family (so that it will pass the inspection) but to have it setup so that it can easily be made into a duplex when ready (put up a wall and add an additional kitchen back to back with the current kitchen).

It may mean I need to install a small kitchen and bathroom.Any information would be much appreciated :)

Also, keep in mind that the NJ standard for move out is "broom clean" which as far as I can tell is an uninformative and nearly meaningless term that gives you no information about removing grime from the kitchen bathrooms, cabinets and refrigerator.  

This is not for the part timer/ newbie.Who is it?

Everything is cosmetic except for the kitchen.