The bank had already put in $22k worth(they fixed the foundation, painted the interior and put in carpet)Purchase price was $116k and the 203k was $25k.

A builders risk policy will give you coverage for materials that are on site but not installed yet, example being cabinets, carpet, vinyl, etc. 

yikes have carpeting todo, held up by painting.

We changed out all the carpets to a wood-look-alike vinyl sheet flooring which is easier to clean.

. - Brick or concrete for backyard - fence - update electric, heating/air system - new plumbing - repair entire exterior, paint or new stucco, remove siding in rear, add railing in front - new kitchen/bath - refinish floors - carpet in bedrooms - paint throughout - some walls, floors and ceilings need repair - extend/add room behind kitchen to add first floor laundry - new roof, windows- Currently 4/1, would add at least 1/2 bath on 1st floor to make it a 4bdr 1 1/2 bath or full bath for master suite to make it 3bdr/2bath - No finished basement, but want it cleaned up and painted - recessed lights - The layout on the 1st level will remain the same, with the exception of the extension for the 1st floor laundry and possible 1/2 bath.

If you're aiming mid-level or higher, it may be worth sacrificing some of that for more eye-appeal (such as using tile instead of tub surrounds, or refinishing floors if you happen to have wood under those carpets).

The kitchen is 1987/tenant abused and the floors are carpet/linoleum downstairs.  

If you are hiring a specific trade such as Tile, hardwood, carpet, HVAC, Electrical, or Plumbing i would let them supply the material.  

The carpeting is older, but other than being cleaned it should last several more years. 

Though if you actually get five years out of carpets in a rental you should count yourself very lucky.If you go down this road, you will want to find a real estate knowledgable accountant to help with taxes.