I do agree that people who have the time and energy to WORK their lower class properties can come out ahead, but it takes a special person to do it well.  

For a small house, I think you can get close to or at $50K if you remove some of the labor costs by DIY and ignore some things like permit costs, tap fees, other site improvements.

At my current status, I could only use stated income for acquision, and have limited means to cashout refi after improvement.

The tenant may not unreasonably withhold consent to the landlord to enter the dwelling unit from time to time in order to inspect the premises; make necessary or agreed repairs, decorations, alterations, or improvements; supply agreed services; and exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workers, or contractors.

You may let them know that you had budgeted funds for rehabbing the home including landscape but that if you have to cover the back HOA fees you will not be able to improve the looks of the neighborhood as much as you want to.

I have moved and want to rent my old house out until market conditions improve or I might rent it out indefinitely. 

We literally "scrapped" for our home improvements, collecting cans out of people's recycling bins and at a nearby college.

(There are actually three entirely different sets of wonky calculations, depending on the exact situation, that I will not bore you with.)What you need to know, however, is that if [rent * 75% - PITI] works and yields a positive number, and if the home actually makes money, and if you haven't lied on your tax returns, then the wonky calculations that we do will not throw you off - and in all likelihood will actually improve your DTI.

Most of the posts here are asking where to find contractors, vet them, or referrals, personally I think by giving these files to them but using them carefully will help you vet if they are flaky or not, companies or GCs that know how to fill these and can comply to this will be a bit pricey, but I am 90% sure that they are of medium caliber and will be reliable than your "2 guys with tools".Files Uploaded:CKCC Daily Sign In Sheet - MOST IMPORTANT DURING A FLIP CKCC Project Budget Sample CKCC TEMPLATE Payment Application Sample CKCC Invoice CKCC Conditional Waiver and Release on Final PaymentCKCC Conditional Waiver and Release on Progress Payment CKCC Unconditional Waiver and Release on Final Payment CKCC Unconditional Waiver and Release on Progress Payment CKCC Residential Improvement Contract - Rehab Contract CKCC Residential Time and Material Contract Notices After Contract Signing CKCC Certificate of Completion CKCC Quote Request Form CKCC Purchase Order FormGood luck and happy hunting!

Complete waste of energy to show unfinished properties and worse, it could cause you to lose someone who may have actually bought the finished product.Perhaps with the demand you have there and the reputation you've built, you have a better opportunity to use that strategy to find renters.