Value-add via cosmetic renovations to the units.Added additional services that the residents request.

Thus, it's more of a cosmetic repair, if anything. 

Paint, basic cosmetic Lessons learned?

If the fixes are cosmetic or minor, that’s a big plus, but if there are larger repairs (roof, plumbing, etc.), ensure you budget for those.

Conventional loans typically aren't for rehab projects, but rather for ready-to-rent or light cosmetic upgrades.

what's tough about that is that deal - something that just needs light cosmetics, but is priced below market - doesn't really exist right now. 

Let me explain that better, imagine your rehab is $100k, you would need to do part of the rehab, maybe $10k, and then you can get the funds for those first $10k reimbursed so you can keep progressing with the rehab.Given your experience, I would recommend you start with a moderate or light rehab, mostly cosmetic work so that you can do it yourself and won't get your profit decreased by hiring third parties.

Or is it simply cosmetic or preventative or an upgrade?

My plan is to get a 2 family property that is ready, I don't want to do renovations or conversions, minor cosmetic work may be ok.

It is a duplex that needs considerable cosmetic work on the one side.