I will do some painting, and plan to update fixtures to make the place more modern.

If the house need things like paint and yard improvements, I would use pizza and beverages of my friends choice to fund those simple upgrades.

Tommy,From a strictly Insurance standpoint, the normal cautions apply (flat roof, knob & tube wiring, lead paint, fuses, Asbestos siding, etc). 

Phase one is get things updated enough to open (new beds, paint, flooring, etc.) then Phase two happens in the off season and in smaller chunks of rooms at a time to get it to where I would like it to be long term.

I own a small painting business in addition to being on staff at a church part time leading worship.

It also had been recently painted.

Something that is turnkey (not going through a company, simply buying a place that requires no work) or a property that needs a bit of work (paint which you can do, change out the flooring, countertop, etc). 

Currently its rented as residential because of the times.It has hardwood floors that have been painted.

After looking at the list, we came to an agreement on the things they would fix (carpentry, painting, and yardwork mostly, as well as acting as my contact when dealing with other contractors) and the things I would hire outside contractors to do (such as a new roof, new flooring,  electrical). 

For example, you buy the place and the tenant could claim the Seller allowed them to paint the walls black or that their security deposit was twice what the Seller claimed.