We are rehabbing the vacant side with some “lipstick”.

Lipstick on a pig - well, it's still a pig. 

Tenants who have clear separation and privacy will interact and argue less.If you are talking about single family reno, it's different, but for what you are looking for you will be talking about lipstick reno.

Lipstick rehab and being honest with the seller.

Someday you will have to make that payout.Factor in if rent control will not let you raise the rent as you want or if the rent is well under market.Don't take someone's rent controlled pig with lipstick!

It fits my budget, most of the homes just need minor updating/lipstick and the buyer pool is much larger given the "cheap" prices.

The triplex was my second property, and the renovations done on the two units were very minimal (lipstick).

Meant to say, when I was a kid I drew on the walls.With Moms lipstick!

They want them vacant so they can get it, do a lipstick job, and flip for cash. 

What is your target flip profit on a lipstick flip(10-15k renovation tops) on a property with arv of 220,000. looking at a property in seminole heights tampa florida.