Albeit, dressed up with lipstick, good intentions and a dash of social service.  

If such deals could be done here, you can bet your mortgage I would be doing them right now.As far as reghab flips, I have always been doing medium to heavy rehabs, in fact, I can only think of two properties where I just did "lipstick" and all others had full kitchen and bath gut/remodels, many had new windows and stucco, some not, all needed landscaping, paiting, flooring, electrical and plumbing fixtures, etc. many of them also had minor wall removals (non load bearing) aqnd repositionings.One of the things I miss most about spec over rehab is that you do not have to ever worry about fixing some other moron homeowner's messed up work.

This idea of passive losses offsetting other income is often used to put some lipstick on a piggy rental.

Clean up, dejunk, depersonalize, give it a little lipstick.

Need 1% rule...sure we got that....and what you'll buy is a lipstick flip in a bad neighborhood with shady tenants who meet all your book studied investment parameters.   

Walking through the home my first time was exciting for it had many opportunities – smoked in for years, old gross carpet, wood paneling walls, no light fixtures in half the rooms, sloping floors, minor water damage in the ceiling, old smoke stained acoustic ceiling tiles, etc.However the foundation was in good condition, roof was replaced 2 years ago, water heater last year, plumbing and electrical both updated, and a 20 year old furnace.As my realtor described the property – “it needed a lot of lipstick.”

Just slap some lipstick on that pig and you have a quick flip. :-)

Have bought HUD and other REO, big rehabs, "lipstick on a pig" type fixers.

saying you don't want to remove the tub bc you may uncover more unknown issues is like saying you don't want to go into the attic bc you're afraid the roof may be leaking and you may find water...in my opinion, resurfacing a tub that has "issues" is putting lipstick on a pig in some situations...i just called a contractor the other day asking for prices..500, but he said he'd do the tile surround for another 300 bucks....NO THANKS...i can have my contractor throw in a brand new tub for way less than that.

Anyone interested in need of lipstick rehab job - in the last two years new fence, HVAC, 20 windows, kitchen ten years old ~ 4,500 square feet 4br 2.2 baths three levels, pool an so close - three lights  to 66 - and one exit from 495 and hot lanes.