They put lipstick on a pig (spent a few grand if that on cheap flooring and a coat of paint), placed an above-market tenant in each unit, and then turned around and sold it via online auction where they can hide behind a contract that gives the purchaser virtually no protection and no recourse. 

I don’t see the sense of one of the partners almost completely expending his personal HELOC while all 3 of the partners are on the hook to make his payments of principal and interest while operating on the assumption that the house could appraise much higher in a short period of time by doing what may amount to putting lipstick on a pig.

However, if you feel the renovations are mostly of the “lipstick on a pig” variety, maybe there is more cause for concern.

My two cents- buy a property that you can force around 25% equity in less than a year, which isn't impossible with some lipstick and landscaping.

I see many people post about their "BRRRRs" being better than turnkey, when they may have put lipstick on a pig from a wholesaler.

I'd rather do a 6 month land contract, slap some lipstick on it, sell it, offer them 6k and they can avoid the IRS.

And I know it can be done cheaper with just lipstick.

I would remove one tennat at a time do a lipstick reno and get it re-rented at full market.

completely remodeled all the lipstick stuff both interior and exterior What was the outcome?

Remember too, if there is something out there, a pig in a poke, and the pig needs a little TLC and lipstick, tie it up and look for retail buyers, tenant buyers or installment sale deals as well, add more to your tool box. :)