People who put lipstick on the pig and try to pass shoddy work off as a full renovation.  

Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.

Thus, my effort to tighten it up a bit via open discussions and disclosing how we are doing these the right way.Nothing you do to put lipstick on this type of transaction matters if the lender isn't aware and supportive, and no, they aren't going to be supportive of a sub to or wrap.

Lipstick / cosmetics go a long way.Just my 3 cents.

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.

., Given the current housing shortage, this is not surprising.One should probably consider the feasibility of bidding within the parameters you cited, doing a minimal "lipstick on a pig" fix, and holding for rental income.

I could right away tell they had slapped lipstick on it and like Jon Klaus guessed this is definitely a black hole and cannot afford right now.

They couldn’t be turned over with lipstick.

Aside from my hesitation of putting videos of myself out into the world I think it will be a lot of fun and show people that rehabs aren't just about putting lipstick on a pig type solutions...Thanks @Mike Moles 

I won't put lipstick on a pig just to get it back on the market.