(mostly cosmetics), what price range that it must fall into at that condition (for the purchase price) and/or what the maximum LTC to ARV must be (in other words the purchase & rehab numbers must not exceed 65-70% of the ARV, the lower the percentage of ARV the better).

I added value to the deal by initiating cosmetic repairs to make the units rent-ready while preparing for more extensive renovations.

If you get a high-paying tenant in there, you can increase your odds of increasing the home's value.So you’d prioritize cosmetics upgrades, or a whole remodel, rather than “new construction”?

I'd personally be a bit more conservative with the underwriting and make sure to see what the carrying costs could potential get to especially if this is a bigger renovation and not just cosmetic. 

We did a full remodel on the property, including but not limited to HVAC replacement, electrical panel upgrade and rewiring, and cosmetics.

Exterior structural, structural, functional, cosmetic. ( some variations, but generally true)

I'm working with a contractor for the first time on a cosmetic renovation from out of state.

I forgot to mention the chimneys/fireplaces are not operational and will only be kept for cosmetic purposes, and I don’t want to spend the money to completely remove them.  

Purchase price: $273,000 Cash invested: $60,000 Sale price: $375,000 Purchased the property with a "subject to" agreement, did a cosmetic renovation, cleared outstanding condo dues, and resold the property.

Thinking based upon what I'm reading here, that they need to just do the cosmetic rehab and updates.