If, this was acquired, lipsticked, and offered "exclusively" to you in less than a 2-year period, that screams "BE CAREFUL!". 

This is where you discover if your dream home is really all you thought it could be, or a pig with lipstick. 

Follow the rule that you only improve, or throw lipstick on it, until you’ve maxed the rent and reduced expenses.  

Find deals with shorter timeframes and bigger upside if you are going to take on the work yourself (ie. lipstick on a pig type deals). 

We plan to clean the carpets, furnish it and list it as a "lipstick flip".

You definitely want to put a little make up and lipstick on every property therefore the ARV appraised value can Conclude that you have a healthy updated value.

Wish I could find that many easy lipstick flips with those spreads here in LA, Ca

(Appartments.com is one of my favorite resources when developing a basic understanding of the rent market of where Im trying to invest.)Private Inspections are a cheap investment and are another great resource on understanding if what you're buying is "lipstick on a pig" or a built to last investment. 

Your first flip should be a lipstick job where the spread is small, but easy to get with no major malfunctions in the home and the flip job is too small for all of the other investors in your area.

Not enough lipstick for this one