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. 

Or is it simply cosmetic or preventative or an upgrade?

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.

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.

Value-Add OpportunitiesIf you're able to buy a property that needs some renovation or cosmetic upgrades, you can increase rents after making improvements.

Noted on the units too, ideally a nice 4plex would be the best case scenario but as you mentioned anything is better from a financial perspective than paying the amount in rent I am currently.This market could cash flow pretty well at 20% down if i find the right property as the prices are below national average and rents are actually fairly good in comparison to property prices (plenty of 1% opportunites on SFH with a minimal cosmetic TLC). 

Typical cosmetic (lifestyle) upgrades we do are better/more LED lighting, dimmers, flooring, paint, trim, solid wood door slabs in place of the hollow core etc.