Do you want to do cosmetic flips (less risk but also less profit) or do you prefer to do bigger projects? 

And then I simply improved the condition with deep cleaning and cosmetic changes (nothing too serious).

Yes, we routinely checked the property, yes, the homeowner followed our instructions, and yes, our insurance company paid $250K on the claim anyway.   

I would not make any cosmetic changes unless they are going to increase the rental value. 

Minor cosmetic repairs and refenced the backyard.

The drainage issues you mentioned sound routine.

I have property management in place and I will be doing cosmetic repairs as I would like to raise the rent on the current tenants.

Most of them in come good working order mechanically but need a cosmetic overhaul to bring them up to modern standards.

I'd like to find a property that I can fix up cosmetically to raise the value of the home & provide me with cash flow in order to start saving for my next investment.If you've made it this far down & were in my current situation (starting off in real estate), what would you do? 

Cosmetic fix-up and got a tenant in in one month.