We decided to started by purchasing a rental that needed some cosmetic updates. 

During that year we’d rent/Airbnb the duplex (we’d only be buying a duplex that needed cosmetic Reno as it’s our first property). and live abroad to save $$ then come back and refinance the property as our primary residence.

The inside has some ceiling water damage from the roof leaking in a centralized area and then it's just dated and simply needs a cosmetic rehab.

The property needed cosmetic+ repair.

It had been on the market for a while and needed significant work cosmetically (our kids were horrified that we were selling our nice house and moving into this place). 

If it's just cosmetic, its very common in hail prone areas like CO for there to be an exclusion for cosmetic damage, or you get a credit on your insurance premium if you elect to take the exclusion.Let me know if you have any other questions on it.

It needs cosmetic work to the point where it shows terribly (busted counters, decrepit fixtures, terrible flooring and paint, etc.).

Through the process of renovations (~30k in work doing a new kitchen, windows, cosmetics) we anticipate we will have built ~40k in equity.

.$30k will get you a thorough cosmetic renovation on a 1,500 sq. ft home.

The great thing about finding a house that you fix yourself.The value add you can create with improvements both and cosmetic and structural if needed.You get to screen and pick your own tenants?