Skimp on extravagant gift baskets, bubble bath and cosmetic soap. 

I know that I need to account for a down payment (I do not plan to live here and do plan to put 20% down in case it is what the bank requires), any repairs needed (although I do hope to find one with only cosmetic repairs necessary), money for mortgage payments until the first tenant gets placed, and having money set aside for CapEx.Is there anything else that I should be accounting for?  

Do minor interior cosmetic renovations to increase value and bring to market rents. 

It's one thing if the property just needs a minor cosmetic update, but properties like that rarely have any meet on the bones.

Items you'll need to factor in are: roof (metal is great), heating and air conditioning units, hot water heater, plumbing and cosmetic items.

I have read David Greene’s book on long-distance real estate investing, but my guts tell me that it won’t be that straight-forward as outlined in the book.I think the sweet spot are properties that haven't been fully rehabbed, but that have had structural, safety, mechanical and are updated cosmetically enough to keep the tenant happy.

@Ryan Wagner I'd go for a 3-4 unit with an FHA loan that needs some cosmetic work so you can build some equity up over the course of living there.

Single family home needing cosmetic rehab and a new roof What made you interested in investing in this type of deal?

My flips only entail worst case scenario redoing bathrooms and kitchens and other cosmetic stuff new floors, paint job new light fixtures and other simple things .

Maybe new paint as for cosmetics considering she's lived there for a few years.