Hire an inspector, it is their job to give you a report of all defects in the home.

To distract you from the LARGE fees being charged for this product. 

I am seeing that the older homes needing renovation are cash flowing and more negotiable than a turn key product. 

If she chooses to retire at 65 and stop being productive, then she should reduce her living expenses accordingly instead of expecting the government or her Landlord to make things easy on her.My mom is 76.

My vote is to get a minimum viable product.

Some of the big variables are the product type and thus the likelihood of risk manifesting. 

Don't pay your tenant to make repairs at your property - if you do he's going to be looking for things to fix.I would state that the apartment is "as is" when he signed the lease and unless it's a legitimate defect (sink leaking, something broke, etc) then no changes will be made.

Hey I'm looking for any creative renovation financing products out there.

When you say over-funded a lot of times people are talking about over funding an IUL which when taking loans against can be a very dangerous product.

Also if you are raising rents by 40% in a down economy with rental rates starting to soften you will need to differentiate your product and keeping wall panels is not a differentiator.