At the end of the day, the quality of deal you will get depends on the sweat equity you are looking to put in to find the deal.

Example, if you put in all new floors in one of your units for $1500 and get and can expect an increase in rent of $200 that would yield a 13% return on your investment, not bad.

Put in laminate, Kitchen Cabinets, Vanities, Concrete patio, Light Fixtures, Water fixtures What was the outcome?

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I would just put in a new $100 toilet at some point.

These loans are a tonnn of work (for everyone involved) and lenders get paid based on the loan value, not the amount of work they put in.

If the floor joists need to be replaced, then you can sister them or put in new ones from below. 

I have put in about $250,000 to stabalize and reposition so far.   

I think its a great way to get into real estate investing, especially for folks that don't have the time or desire to put in all the work required to do the work themselves or put together a team. 

Put in a mini-split, LVP floors, then put in a couple nice TVs, some seating and foosball/ping pong table and maybe an Arcade game.