Sometimes you need to pour alot of money into the rehab and sometimes you just need to throw up some lipstick. 

Small flips are typically viewed as light rehabs, mostly lipstick stuff where has a heavy rehab would be a full gut rehab where you took it down to the studs or at least to the drywall and perhaps moved walls, added walls, added rooms, etc.

As far as agents, many will sell you lipstick on a pig in a heart beat, they are looking for a commission, you need a realtor who owns rental property, will analyze the condition when you walk through it with you, can go over your number analysis with you and is a strong negotiator.

Wood filler in these areas is likely not going to cut it and is a lipstick fix to a problem that could come back and bit you, fix it now while it is all open and before you have put done finish products like flooring.

Or maybe they put lipstick on a pig and you have serious hidden problems.

I don't even plan on using any lipstick to make the house look pretty.

The condo was an off-market deal and only required heavy lipstick and some elbow grease to increase the rent 28%.

I'd give more thought to the space you're given, and if that requires some lipstick so be it - that's easy. 

As someone in the construction industry in Long Island NY - (highest costs) my numbers are this:—Lipstick rehab (paint, flooring, cleanup) - $20/sqft—Medium rehab (renovation of kitchen and baths, flooring some structural) - $30/sqft—Heavy rehab (full gut, all MEP replaces, roof) - $60/sqftUSE YOUR NETWORK for general contractors.

Throw some lipstick on it and get out of there.I do have some excel sheets I use for budgeting...feel free to message me if you want some help.