I keep an active search on these "lipstick" flips, feel free to reach out and I can start sending them to you. 

There are lots of turnkey companies out there and it's really easy to put lipstick on a pig and be dishonest and fool the investor into thinking they are getting a solid property, when in fact they are not. 

This is usually not a lipstick rehab, but rather a pretty major rehab - perhaps a roof, windows, flooring, wall repair and paint, new appliances, bathroom and kitchen remodels, etc but if you're willing to do some of the work, this rehab might not be too expensive.

I have done a successful flip (selling now) and a lipstick rehab as green calls it.

Lipstick on a pig.  

A friend of mine flips 12-14 houses per month, without fail, year after year (real flips, not lipstick on pig flips). 

I definitely see the downsides to this approach, but I can't convince myself to just put "lipstick on a pig" and do it a cheaper way.

 $200,000,000 lipstick rehab.  

To do #1 you can find a property to lipstick flip (light reno for renters) which is ideal or if it needs more work you just make sure you rental value will go in line with your reno.

There is no hard fast rule to needing to update, it depends on the specific property, your strategy, and your market conditions.Most of my stuff is new construction so I update everything to new but back when I was doing the lipstick flips and such, some houses I could keep the wiring and panel if it was in decent condition.