No different than if the property needed a new roof or other repairs.  

I make sure that the roofs are in good condition, the siding, replace windows if they are not energy-efficient, etc.

Some of the the things I would look for:Are the floors levelCracks in foundationRoof qualityCracked roof joist or wall studsWeird electrical junction boxesFunky plumbing... pvc pushed into cast iron pipes... cracks in piping

@Gorden Lopes I would start with landscaping and painting outside; how's the roof and major systems?

As well as another contact for roofing and drywall.

I told them that our company will be doing extensive renovations on this property including some new appliances, water heater, roof, foundation repair, mice extermination, etc. 

The home was a 3 bed 2 bath with a hole in the roof, missing flooring, and general neglect.

Windows, doors, all new hardwood flooring, (most of it in a herringbone design), new roof, new siding & all the electrical & plumbing was completely updated.

I had to repair the driveway, new fence, do the roof suffice, new kitchen cabinets for one of the units, fix the front and rear decks/porches, installed security cameras, eviction cost of 3k, dumpster cost, paints, interior door

When you need a roof replacement, you just put one of those blue tarps over the leak instead.