Roni, what's the hesitation for projects requiring a lot of rehab or work, those are the most interesting as they present the largest value gain opportunity and likely have the lowest competition as investors not many want to do the tough work, everyone just wants to the lipstick, but do you really squeeze all the value in that case?

So this can be a challenge to even put lipstick on your rental since it is booked when you take over.

There are 2 different 203k loan products: one for basic "lipstick" rehabs - paint, flooring, fixtures; and one for more involved rehabs that will fund the renovation all the way down to building a new house on an existing foundation (full scrape or full gut rehabs).And yes, you still cannot turn it into a rental unless you refi out of the FHA loan or occupy it until the 1 year mark passes.

May be some motivated sellers there.My meat and potatoes was rentals but my favorite 'flip ' was the clean up and lipstick nice one wholetailed slowly with a lease option. 

Put a little lipstick on it, then turn around and either rent it or sell it with owner financing.As I am searching for mobile homes, I am finding great deals in 55+ communities.

One of my buildings in lakewood has wood shingle siding and it looks like a pig with lipstick.

The C class renovation is simply lipstick on a pig and most of the rental properties I tour fall into this category.

I have made deals with a negative cash flow projection, using bridge debt, but only because there is an untapped $2M - $3M equity that just needs a few months of shuffling paper and adding lipstick.

I know, because I completely three lipstick flips in my last year in Greece, working in whatever spare time I had, and my students in my regular job, as an exam coach, thought a lot less of me when they saw calluses grow on my hands.And then the bottom fell out of the Greek economy, and all these unemployed Greek government workers with college degrees who were suddenly fired, well, they had no practical skills to fall back on, so they had to go work in Sweden to swab Swedish crap out of their toilets.

SFHs were bought for $280k at the steps and flipped for $420k after getting some lipsticks.