Buy & Hold is a classic real estate investment strategy: You buy an apartment or house and hang on to it for a longer time. The goal is to build up assets in the long term (through the increase in value) and to achieve a positive cash flow (through rent). It's probably no surprise that this strategy is a popular option for retirement planning.
Unlike the Fix & Flip strategy, it is not necessarily the purchase price that is decisive here, but the current rental income. If you buy a rented property where the rent is below the local rent level, you can raise the rent in the relatively short term and thus increase your return.
Renovations to increase the sales price are not a priority with Buy & Hold. The apartment or house is only renovated to re-let it after a tenancy ends. The expenditure with the real estate should be as small as possible for you.
However, if you have your heart set on an apartment in need of renovation, the Buy & Develop strategy could be exciting for you.