., Given the current housing shortage, this is not surprising.One should probably consider the feasibility of bidding within the parameters you cited, doing a minimal "lipstick on a pig" fix, and holding for rental income.

I could right away tell they had slapped lipstick on it and like Jon Klaus guessed this is definitely a black hole and cannot afford right now.

They couldn’t be turned over with lipstick.

Aside from my hesitation of putting videos of myself out into the world I think it will be a lot of fun and show people that rehabs aren't just about putting lipstick on a pig type solutions...Thanks @Mike Moles 

I won't put lipstick on a pig just to get it back on the market. 

Lipstick on a pig = MLSA full makeover with pedicure and manicure = wholesale itEither way, I wouldn't concern myself with the amount of title transfers as I'd be out of the picture by that point anyways, moved onto the next deal.

One of my buildings in lakewood has wood shingle siding and it looks like a pig with lipstick.

If you are buying to add lipstick and flip, you'll be showing the value of the lipstick, the labor and materials plus reasonable contractors profits and that will be under different market conditions at that time. 

The C class renovation is simply lipstick on a pig and most of the rental properties I tour fall into this category.

I have made deals with a negative cash flow projection, using bridge debt, but only because there is an untapped $2M - $3M equity that just needs a few months of shuffling paper and adding lipstick.