They tend to lipstick them.Might want to find a national builder in stage 0 of development.

Many of them just put lipstick on a pig and then you have some real problems on your hands.

Not as easy at it seems.The other dilemma I struggle with.... a good % of "ready to go" properties are slap together "lipstick on a pig" properties done by flippers....make sure you get a VERY through inspections.....again, how do I find someone I trust to do the inspection?

The plan is to do a mainly lipstick renovation.

For example, if it is a simple lipstick rehab, and the exit value was a no brainer to get instantly, I can see paying as much as 79% so long as you are in and out in 100 days or less.Bottom line, these rules of thumb are not silver bullets, you need to know how to adjust them according to the specific circumstances.

My gut is he put a real shiny shade of lipstick on a pig.

I had purchased 3 full rehabs all at same time in oct/nov. so I put a little lipstick on one and took a modest profit selling well under market. 

Thanks @Melvin ListSo what about just lipstick makeovers.  

Needed lipstick.  

The property could use a lipstick renovation (paint, cleaned, new flooring in bathrooms, etc.).I do not plan on holding this property.