(Putting on "lipstick" now).

W/ that said if the work your talking about is lipstick then hiring a licensed GC may be over kill.   

That sort of increase usually requires more than lipstick.  

In short, are investors off the hook if they put lipstick on a pig simply by selling a property with the words "as is"?

Otherwise you are putting lipstick on a pig.   

Obviously Im trying to keep costs as low as possible but lipstick is important.

Everything seems stabilized, but my question is for how long...I realize that sometimes you just put lipstick on properties, but I feel there is potential in the home if it is sound and will last. 

The key for me will be finding:a) Sellers who need to dump a property that needs lipstick, but is fundamentally solidb) someone to carry the short-term loan with very low down payment (sub-20%, non-owner, first mortgage, likely with a higher interest rate) based on the facts that I have bought it below market, and I will immediately be increasing the property value when I am handed the keys.I am going to look into people who are inheriting a home that was last decorated by their grandmother in 1950, and people who are incapable of screening bad tenants and just finished their third eviction this year :)

Example if you can build for an all in 9 cap instead of buying an older 30 year old building someone put lipstick on for a 7 cap it can make sense.  

I like to find properties where tenants are definitely leaving (so I don't have to displace anyone) and I'll partner with a local investor to fund it and we slap some lipstick on it and sell to another home owner at 75% ARV.