Kudos to you for adding value with more than putting lipstick on the pig.  

If some tries to smear on some deprecation lipstick and convince you the "negative tax" on a crummy rental is a benefit, run away.Don't forget about depreciation recapture tax.

They get a bunch of passive loss lipstick slapped on them to convince a naive buyer to buy.

I would "Put Lipstick" on them and place them all into individual land trusts.

You have enough cash to get into some deals and do some minor repairs and lipstick but other issues, like credit and income, ability to carry the debt, having rehab experience and to what degree are you rehabbing.

You want to be sure you're not buying a "pig with lipstick".  

The location is great for workers, the airport is expanding & upgrading, we just got the new Porche center down there and Solis is building a new upscale Ritz Carlton type hotel there....all positives.You'll have to hunt for them but find something that needs lipstick..

Taking a lipstick approach to rehabbing.

You can put a dress on a pig slap lipstick on it and call it Megan Fox it's still a pig.As others stated Joe you can't do this it's classified as mortgage fraud and there is no other way creative or otherwise to do this with the way you suggested it.Find other way or pay the consequences for your actions but no one here is going to tell you to commit fraud no f'n way.

Lay off putting "lipstick on a pig" and getting it listed.