At the time I arguably paid fair market value for a house that still needed some lipstick and work before it was ready to make money.

Was it fully redone, or just lipstick on a pig?

When reviewing, consider isolating the Turnkey Deals vs. ones with significant deferred maintenance and possibly those that need "lipstick." 

I put lipstick on a pig , Made it clean , neat and livable .

I know this is a open ended qn but - uncoventional advice always strikes me , in one of the podcasts you mentioned doing a gut rehab ( or rehab with extensive scope ) might be better than a lipstick rehab .Many of the investors I spoke with suggested to start slow , but in my personal life and professional life , i had success taking up complicated projects so on any project i tend to ask , why should I start slowSome of the advantages of complex rehabs ( gut/extensive rehabs ):- lesser competition- better room for negotiation- higher value rehab , so better contractors might be interested- Ability to add more value- Opportunity to learn more ( I am not experienced )Disadvantages :- More risk of finding things one after another which are interlinked. - No DIY possibility and aso need skilled contractorsAdvanatges of lipstick rehabs :- Easier to see the scope - DIY possible- Less risk as its more cosmeticDisadvantages of lipstick rehabs :- Lots of competition and some times from retail buyers as they just see the price difference and think they are getting a deal and that they could work on it over the weekends- major value add might not be possible .

The challenge that I have is wanting to correct all the DIY and lipstick on a pig improvements that have been done throughout the years.  

The investor put some lipstick on that pig and flipping it for $1.8MM.

I know other hard money lenders who can do them, but you will be paying +6% higher interest rates on the debt than an average hard money deal.If you go forward with a deal, I would get an SFR with a lipstick rehab.

Some properties will need structural modifications, others just lipstick approach.

I am looking for GCs that can do SF and MF, can do a new building on raw land, full rehabs of beat down properties, and touch-ups (I like the lipstick metaphor), and require little supervision.I also really like @Johnie Hopkins original four points: 1. provides estimates of rehab works that come reasonably close to actuals (firm bids would be a plus),2. is able and willing to do cosmetic work as well as studs-deep rehabs,3. has a dependable crew(s) and is known to hit targeted completion dates,4. is knowledgeable of Houston / Harris County permitting and inspection requirements.Please PM me or email!