@Karen MargraveI just saw that your plan is to sell as VR, not VR yourself.Again with the caveat that I don't know that particular market, in general I believe that there are a lot of people that buy VRs that want them remodeled, at least of the lipstick on a pig variety.

Then 2 guys, 2 days, $2k for clean-up and lipstick.

One suggestion.. put lipstick on a pig!

The property could use a lipstick renovation (paint, cleaned, new flooring in bathrooms, etc.).I do not plan on holding this property.

Both jobs you need to be working with good material otherwise if you just do the job you're only "putting lipstick on pig" and not dealing with the real issue, in under a year the job will look like crap and the owner will be unhappy. 

Most of the land is in shovel ready lots 1:45 from Tucson and 2:30 from Mesa.Things have ramped up quickly recently and we really need to be doing 10-15 new construction starts a month and complete 5 or so flips of various complexities (everything from just lipstick to complete gut jobs) in order to keep up.

Besides the issues that have already been discussed here a few things I have noticed people dealing with are getting vacant units where the rent estimate made the numbers look good but the estimate was unreasonably high, the renovations were really just lipstick to hide and not fix older issues, being pre-set with a PM company that wasn't following up with much of the M.

Not sure what Jacksonville is like, but here in Indy, any house I buy under $50k I’m probably looking at rehab costs between $30-60k, to do it right.Putting lipstick on a pig does you no good as it will just mask major issues that will haunt you in the end.

Without doing that the "lipstick" rehab isn't too bad.

If for example you have purchased the least expensive 2 bed in a expensive 3-4 bed community comps may suggest a much higher return than cost when adding a 3rd bedroom.For the most part those that do lipstick reno work ahead of selling do so to make selling easier not to increase the sale price.Flip properties and personal homes are as different as cats and hammers when it comes to increasing value.