I am willing to add value as needed but not willing put lipstick on a pig just for fun.

Early on, I would buy "lipstick" flips, those only requiring carpet and paint. 

We look for properties that require substantial work vs. lipstick jobs.   

Supply side is most probably copper, though galvanized is possible.If you were planning to flip the house, you could apply lipstick and pass the need for a mid-life retrofit off onto the buyer ... though if your objective is to make a career out flipping in that markt, you might think differently.If you are planning to hold this property as a rental then it is in your long-term interest to upgrade as many of the building systems (starting with the envelope) as you can manage before applying the cosmetics.In your position, if keeping the property as a rental,, I would plan to upgrade the building envelope (walls to R23, roof to R40+), install a proper vapour retarder and HRV.  

That said, you must stay away from cheap properties in wrong neighborhook; its  a nightmare unless you have the experience and skills to deal with such...for me it is not worth it...my opinionThe so called turn keys are mostly lipstick on the pig...most providers do not do proper rehab work; of course they are cutting cost to maximize profit and so you really do not blame them....You are not sure what you are buying...I made that mistake in my first rental proeperty.

What things like that tell me especially in a flip is that things may have been done carelessly or as I would call lipstick on a pig.

Unfortunately, if you have to shoot someone, the criminal will not only have holes in him, he'll be covered with lipstick, loose change, fingernail files, and whatever else women carry in their purses these days!!!

Just needs some lipstick.

Definitely an expensive lesson...I just look at it from the standpoint of IF I couldn't sell it right now what my options are; I understand they are limited, I guess I am trying to put lipstick on a pig ; )

Not when homeowners will do lipstick with seller financing.