That makes it a multi-member LLC to enhance it's ability to protect against liability lawsuits.

I haven't seen the interior but based on what the seller has told me, it needs a kitchen floor and the ceiling is in place but needs to be textured.  

(No structural changes)Repair rear deck and front porch to usable condition and paint apr. 250 sq ft total (remove & replace 4, 2x6x8 deck boards)Floor repair where needed near back door (attach 3 2x10x8 floor joist to existing floor joist to reinforce soft floor) install new subfloor in area of repair.Drywall repair for bathroom, closet, laundry and master bedroom areas where needed (up to 200 sq ft with knockdown texture)Skim coat areas of house with dated wood grain style texture and re-texture where needed (approximately 1200 sq ft) Install bathroom vanity, sink, hardware etc. (36" vanity)Install kitchen cabinets (8 base, 6 wall)Install appliances (dishwasher, microhood combo, electric range, fridge)Install new plugs and switches entire house (14 switches, 4 GFCI, 36 grounded tamper proof plug ins)Install all light fixtures interior and exterior (15 total)Install counter top for kitchen (white quartz slab / granite or tile 32 sq ft "never formica for our flips")Paint interior walls and ceiling one color and trim one colorInstall interior doors (pre-hung 6 panel @ 10 doors)Install interior trim base, window and door trim (approximately 1200 L/F)Install windows where broken @ 2 (24x24 bathroom window, 36x60 bedroom window)Install all flooring, carpet (500 sq ft) laminate (1,000 sq ft) sheet vinyl (100 sq ft).

Using Airbnb to rent greatly enhances your cash flow, and should cover both your PITI and paying off the loan from the seller. 

* By wrinkle I mean something done that enhances profitability but requires extra effort or sacrifice.

There are other ways to enhance this as well.Someone said once and it stuck with me, "in my market I have no competition".

Hardscape - if you are talking concrete it will be $10+ per square foot labor included - colored, textured, pavers all will add to this price and easy of getting materials in and out.  

Being able to use equity to further enhance the property and get its value up over $2M would be an awesome project that we would thoroughly enjoy.

Urgent cares will continue to grow due to macro trends but will remove all of that from the equation here for simplicity despite the fact it enhances the story.

That's using a GC and not doing much of the work myself (I only do tile work and TV/internet wiring myself), in New Orleans.The finishes are as follows; prefinished real 3/4" hardwood flooring (nail down), solid wood cabinets (flat packs from China), prefab 2CM granite counters (with SS undermount sinks), Frigidaire SS appliances, ceramic tile floors in bathrooms, ceramic tile tub surrounds, basic door hardware, recessed lighting living areas, smooth texture walls, builder grade interior doors and trim (door casing, baseboard and shoe molding only, no crown or window casing), painted hardiplank siding, builder grade vinyl windows, basic roof, fiberglass batt insulation.Our land costs are pretty cheap compared to west coast.