It is a bit of a crap shoot how the appraiser will react to your modifications.

You might end up with lime green counters and wall murals and ridiculous crap all over the house.

There was a recent thread on this where everyone was saying crap CoC is okay to them because appreciation builds WAY more wealth.

Around here, even the best wholesalers in town who have MASSIVE budgets are getting crap 'deals.'

Apartment done :)The sleeves are not cheap they are $175 + labor and misc material ($50.00 worth - spray foam insulation, some backer rod, new trim on interior)The AC Wall another few hundred  - total about $500.00 - but they have NEW AC and the building look way better, versus the crappy steel old sleeves that are beaten to crap.

Your real options are; become a better buyer (investor) or risk losing all your money buying overpriced dog crap properties in some far away place you wouldn't ever imaging wanting to visit with the exception of passing through on your way to someplace better.

There's an influx of wanna-be investors who watch HGTV and make offers on crap houses.

Crap houses, in crap locations are finally rotting on the market (as they should)

This is not to say they'll do the job well, only that screwing the job up won't endanger anyone or the house; the worst that happens is the job looks like crap. 

Unfortunately, all the posts on BP as well as the guru crap being tossed around doesn't discuss the legalities of "wholesaling" etc and what is legal and what is not legal.