Alhough I prefer doing high-end stuff, if I can get in and out of a small lipstick project and net more $ per days spent, then that's the way to go...

That being said I still had to monitor him and make sure he did the work correctly and not just lip stick on a pig.

Nicholas First I want to thank you for all of the help you've been providing to so many people here on Bigger Pockets this string of messages is a huge wealth of knowledge all in itself.I know one of the biggest mistakes you've mentioned that people make is the failure to establish an in service date for the rental property early, I may have made this mistake but I want to check to see if you think I'm technically covered or not.I closed on a property in October and the house overall is a solid property, just lipstick and polish needed for the most part to get it up to speed.

If needed add a minimum of 15kModerate RehabCan save at least two of the following- Electric, Drywall, Flooring, Plumbing (likely touch ups in the other two)Redo KitchenRedo Existing BathroomsNo framing or architect plans neededPaintFinish BasementAdd a split unit to existing duct work (prevent from tearing up existing plaster/drywall)*Think of a grandma home that does not have knob and tube and has been on top of roof/windows so we aren’t as worried about mold/water damage*Light RehabComps do not need a finished basement or basement is finished to comp standardComps do not need HVAC or you can just add split unit to existing ductworkKitchenBathroomFloorsPaintNo major rehaul of mechanics needed (aka do not need to rip out walls)LipstickPaint, Floors, appliances in the most basic sense ARV Range Full Gut Moderate Light Lipstick +450 (A+) 150-300 N/A N/A N/A 380-450 (A) 90-120 70-75 N/A N/A 270-400 (B/B+) 85-100 60-70 N/A N/A 210-270 (B-) 75-80 60-65 45-55 N/A 170-210(C/C+) 65-75 50-60 40-50 15-30 140-170(C-) 60-70 50-60 35-45 10-20 120-140 (D) 55-65 40-50 25-35 5-15 Philly Neighborhoods Breakdown:A+ : Obvious Prime Real Estate.

"Lipstick on a pig" Home Depot remodels don't work anymore.

I spoke to her and they were going to do a light remodel (barely lipstick on a pig) and start renting the place. 

They usually tend to lipstick it with carpet,paint, changing door knobs and kitchen knobs, new ceiling fans etc. 

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

Condos are also starting to only accept 20% down with reserves, not a good invest strategy at the moment.I'd recommend you stay in Tampa, Sarasota, buy some SF, duplex that need some lipstick and loving, put a tenant in there, and then get a heloc and repeat.

So we signed the promissory and we did a quick lipstick Reno.