Properties being sold 'as is' can be problematic especially if the seller is somewhat cryptic or tight lipped about just exactly what the issues are with the property.

I flipped several properties with a partner, full gut rehabs in south philly, not lip stick flips.

But for the time being some agents have been pretty straight up and others have been tight lipped but your are right it's mostly about the commission.  

@Lip Weiss Unless you know JC  with your eyes closed, it will be very challenging to find a good deal.

I only do the granite lip backsplash (no tile, unless it’s a high end rental). 

I bought one apartment building in a C-/D+ area, and it doesn't matter how much lip stick I put on it... it is still a pig!

. #2 - the tenant who pays late: If the tenant always pays even though it's late, I'd just bite your lip until the lease is up and then not renew.

For the reno rough numbers, I would up them a bit from what was previously mentioned: Lip stick - $5k-15k (under $10k in my experience is very rare)Light Reno - $15k-$25kFull Reno - $25k-$50kGut Reno - $50k+I would say that the majority of renovations end up in the $25k-$50k range

I'd be pretty happy in your shoes, and would be licking my lips for 2-3 years from now, when rents might well cover that entire mortgage payment.

You'd hate to be personally sued on a transaction in which all you did was sign a purchase contract and lip the contract to someone else for a (relatively) modest fee.Good luck.