Home insurance won't cover a lot of system failures like electrical.Home warranties are designed to make the warranty provider money; they are slow to respond, quick to reject claims, charge you a trip fee for every visit, use the lowest-cost vendors that provide quick-fix solutions, and are generally not worth the paper they are written on.

Long term rentals is not working and the turnaround for airbnb is costly we are now charging tenants for electricity they consume.

I'm wondering what is the current average cost, and seeking recommendations/advice.Ty 

Perhaps hire a property manager to handle the phone calls and factor in the (depreciable) window, kitchen, HVAC costs?

You'll want to consider full costs upfront and an architect + contractor team is helpful in that process.

Why not buy it with private money, borrow enough for the purchase/repairs/carrying costs, and then refinance once the repairs are done?

You should also set aside money as a reserve for vacancies, turnover costs, bad renters, or capital expenditures (roof, flooring, and other big expenses).

That'll require you to determine how much the rehab will cost and pay that up front.

Cut ties with the one you have now, and get that other contractor in there that can finish the job fast.

There was a relatively low cost to purchase and rehad the property.