It needed lipstick on the 1st unit Bath and kitchen.

Someone tried to slap lipstick on a pig with some paint.

Due diligence is very important with turn key companies, as some of them will put lip stick on a pig and sell to you for top dollar.

I am beginning to see more homes hit the market and flippers are seeing that people are not buying the "lipstick on the pig" homes like they had in the past.

There are a number of ways to find deals, driving for dollars, direct mail, SEO (with website), communication with all you come in contact with, etc.As for "lipstick" deals, good luck.

But if they just threw some lipstick on a house that still needs all of the mechanicals updated, then the cashflow is probably going to suck as those mechanicals all start breaking down.For a newer investor, I'd take an easy base hit to begin with. 

Is it just as simple as putting a lipstick on a pig?

First time investors should look for properties that need lipstick, not foundation work.

My goal is to buy a home or townhome that needs a little lipstick and live in it while I do some cosmetic improvements and rent out the rooms I do not.

If your wanting to do a lipstick rehab it is very possible.