. : )Slapping some cheap lipstick and calling a property "turnkey" when it has no tenant history of performing or the expensive repairs have not been completed is laughable at best.Is an old car "turnkey" when you put new paint on it and shine the tires to make it look pretty??

and the land game was the precursor to buying low value mid west assets.I was just talking to one of my Indy clients this morning.. he said the issue is he has been contacted by 7 or 8 people.. and there is nothing he can do for them.. houses were never touched or if they were not even lipstick just some eye shadow.. 

If you are lucky, these properties were rehabbed correctly, stripped down to the studs with new electric, plumbing, drywall, furnaces, water tank, and if VERY luck maybe even a roof(many times its just a junker that was lipstick on a pig, i.e. carpet paint).

Slapping lipstick on a pig with repairs, then dumping none qualified, non paying tenants into units to make the unit have inflated rents so it could sell for more.Sorry to say, this is likely just the start of the money burn.

I have done lipstick rehabs paint flooring etc. my whole investment strategy hinges on good PMs.

Make sure you understand mechanical systems, roof structures, how to check a main line for lead, and other basic walk through techniques to be able to delineate whether you are getting a house with solid bones, or lipstick on a pig.

Well here's a few more reasons to appreciate your lipstick rehab :). 

Often the lipstick that gets slapped on a pig of an investment.

Is there anyway to change or "lipstick" the 2nd bed or kitchen?

Mostly doing a lipstick rehab- paint inside and out, landscaping, painting kitchen cabinets, quarts counters and a full rehab of the bathroom.