Then we'll rent the property up and enjoy our monthly cashflow for the years to come :) This deal is unique because it's lipstick flip (interior & exterior paint make up 80+% of our renovation budget).

Or are they "earning equity" by getting great discounts without too much rehab cost (but I've done that analysis and don't like the result, for either numbers reasons or neighborhood reasons or lip stick on a pig reasons).Where or where might I go, possibly totally different, where those higher interest rates work?

It has a foundation issue that needs to be fixed, but aside from that it just needs some lipstick.  

Do you just need to put lipstick on a pig-ie just painting and sprucing it up? 

That's not your problem that is HIS problem.On the 4 units that were rehabbed check and see if it was just lipstick or the other parts were redone.You still have A/C,water heater,and heater which can be expensive to fix.What age is the building??

Never did see any rent money.It was a 3-week "Lipstick on a Pig" reno for $23,000.

.), and when asked why they bought the property, 90% of the time, they say they're an inexperienced OOS investor who bought the property without visiting the area or the property, and it turned out to be a lipsticked pig in a D neighborhood...they trusted the data (the "incredible" cashflow data of D neighborhoods), they trusted the pictures of new finishes (and fell victim to shiny object syndrome), and they trusted someone else's (agent, PM, turnkey co, etc.) opinion that the property was a "deal", but they didn't take the personal responsibility of checking out the city and the property for themselves.  

It will make it look better than what you have now but…. still lipstick on a pig.

Lipstick fixups include a new heat pump HVAC and rent for higher than market rent.  

Don't put lipstick on a pig, do it right.