Hi @James Shinn - nice first couple of posts! First thing, @Bruce Runn is a great guy and an amazing resource on BP (and real life if you are lucky enough to meet him).
Second, I'd say you are hunting for deal where a lot of things need to fall into place for it to work. That doesn't mean it won't happen, but it may be worth going for more of a sure thing or getting creative with financing for a pre-forclosure like Bruce suggested.
Right now you would need 1. a motivated seller who 2. hasn't paid their mortgage and is in pre-foreclosure but 3. also put money into the property to keep it in good enough shape to pass FHA requirements for loan approval (not sure exactly how much leeway 203k gives you on these requirements) and 4. isn't aware of how hot the market is for rental property in Minneapolis so they 5. don't open it up to others to drive up the price or find cash buyers
You are on the right track and asking smart questions. Good luck on your hunt for a du/triplex