Other than that, the rehab was basic lipstick, paint carpet and a few minor things like counter tops.

Sounds like a lipstick project.

Obviously, if a property can be had from the bank by someone who can put lipstick on the property and sell it for thousands more, the bank didn't get that fair of a price.

Or be able to sell a turnkey place at full retail or to a "Hedge Fund" at or above retail without even throwing the turnkey lipstick on it.

You can find plenty of properties that are outdated, put some lipstick on that pig and roll a quick 25K.  

I can just see that disclosure: Dear buyer, I bought this property 94 days ago, I paid 90K, I added 4K of lipstick, I'm selling it to you today for 120K, I'm taking your 20K down and financing the property at 9.5% within the Dodd-Frank requirement, further, I'm charging 2% over the interest rate of the underlying mortgage that we included in your obligation.

But as I investigate the various problems it has, it has become clear that if I were to address all of the issues, I'd end up rebuilding the entire thing.Most of the remodels Ive seen so far has been just putting lip stick on a pig.

You can always bet on flooring and paint commonly known as a lipstick house which is sometimes harder to find at a steep discount.

unfortunately, lipstick on a pig is still a pig.

I have wondered myself at times if I went with a simple lipstick if my net profit would be better or worse.