Most of the time they have some minor cosmetic problems, and are a bit out dated.

Needs upgrades of course but from what I see its mostly a cosmetic, face lift type of rehab.

It does need minor cosmetics (new carpet throughout, paint, and countertops) but at this time I think I only want to pay off the sellers existing mortgage and back pay and sell it with a realtor to sell quickly and let someone else handle the repairs.

That is a light cosmetic rehab (paint, some flooring, cosmetic upgrades, etc.) 

Currently fully leased but I will do some cosmetic improvements as vacancies occur.

Look at the economic conditions, rental rates of properties like yours, and what are in the properties, cosmetic wise, that seems standard or commands the highest rent.

You could offer to do a cosmetic (paint, flooring, etc) rehab in exchange for a long term lease (maybe 5 years) that allows you to airbnb the unit.

I'm more of a fan of buying something that needs cosmetics and updating it over the course of living there that way you can do a lot of the work yourself at the beginning when you are low on cash and learn what goes into rehabbing so you are more knowledgeable about what goes into it when you eventually do start to hire contractors for everything. 

Long Story short, we found a "ugly" house on mls that not in foreclosure yet that some company bought it directly from owner, but everything still in working condition, just need cosmetic rehab. 

New flooring, new paint, and other minor cosmetic updates.