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

I offer on the property myself, do all the inspections (and then disclose them all in a package with all repairs), close the deal, clean it, prep it, maybe lipstick a little, and then put it on the market with a 50-page PDF that has everything in it.

Wholesalers are loving the emotional novice buying chasing winning a deal more than a deal that wins, flipping is much the same in focusing on perceptual value from pigs with lipstick and buyers so wrapped up in just getting something approved there loosing sight of what they are winning.  

I would like to go with the BRRRR method, but only with a light rehab (something I've been calling a 'lipstick rehab' = new flooring, paint, kitchen counters/cabinets, appliances etc).

I am not as experienced as J Scott but have done about 20 renovations, from surface level lipstick to full guts and additions. 

Lipstick on a pig and increased rents to just below market rates Lessons learned?