This must be a 'lipstick' type of flip?

The as-is value per the appraiser is $150k, and since it is habitable now, I am not sure how you can value add $90k with just a lipstick reno.

Lipstick renovations What was the outcome?

Buy, clean, add small lipstick, turn and sell.

However probably half only need a little lipstick work if inspections come out on the better side.

Go put lipstick on a pig in the hood, versus higher quality makeup on a model the model will have no cap on value.

The 45 day lipstick rehabs don't exist from what I can see... ambitious homeowners are looking for sweat equity so they bid it up.

You could also put lipstick on a pig before going to sale and lower prices to get higher occupancy. 

Thus, my effort to tighten it up a bit via open discussions and disclosing how we are doing these the right way.Nothing you do to put lipstick on this type of transaction matters if the lender isn't aware and supportive, and no, they aren't going to be supportive of a sub to or wrap.

Avoid lipstick on the pig.Renovations like nice kitchens and bathrooms are great for rental properties, but it is not everything.A property that has been cosmetically renovated, but has no capital improvements is worse than one that has been very well-maintained, but might have older cosmetics.If I walk into a property and I see that the kitchens and bathrooms have been redone, but all the walls are plaster there's no grounding in the electrical and the plumbing has never been updated that I consider it a full gut.It's a shame to pay a premium because of a nice kitchen and bathroom only to find out that you have to rip it all apart.It is usually less expensive to do cosmetic rehab for rentals than capital improvements.