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May - I'm looking for more of a buy and hold type of investment...not flipping - although I don't mind putting a little cosmetic work into the house. 

Three weeks ago I found a foreclosure 2F in Schenectady NY that was in really good shape, needed updating and cosmetics but was overall a great deal.  

Landlord will NOT pay to repair the following items unless caused by Landlord’s negligence: conditions caused by Tenant, an Occupant, or any guest or invitee of Tenant; damage to doors, windows, and screens; damage from windows or doors left open; damage from wastewater stoppages caused by foreign or improper objects in lines that exclusively serve the Property; items that are cosmetic in nature with no impact on the functionality or use of the item; and Landlord or, if applicable, the property manager, at.

I suppose it's possible that a few pure cosmetics will give you enough value add that you can refinance, but my experience is that you are taking a house that's not really habitable, making it habitable, getting a renter, and then refinancing it, proving that it has market value by virtue of looking decent and having renters.

The way I plan to approach it at the beginning is to only focus on homes that need advanced cosmetic repairs.

It's hard to grasp how you can go from $100K to $165 with such a basic cosmetic repairs.  

This isn't brain surgery and it doesn't take a MBA to have a basic understanding of business expenses.

I didn't even put this down because it is so nuts, but the place needs a new roof and a lot of cosmetic repairs--doesn't have a/c (no central anything).

Most of the time without any work done, maybe some light cosmetic (nothing close to a flip).Basically a way to buy a newly originate loan with a discount. - Is there a name for this strategy?