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.

distressed properties do occasionally hit the MLS at a good price, but not very often.my second real estate purchase was out of state, it was just a cosmetic rehab and i had to make several trips up to corral everything and get it rent ready. 

We will put about $2,000 into cosmetic updates and plan to resell it for $160,000-$175,000 What made you interested in investing in this type of deal?

Some properties require only cosmetic upgrades, while others may need extensive repairs to meet local codes and buyer expectations.