And vacancy is the hidden expenses, who knows how long it'll take to fill the unit.  

You asked for the Minnesota perspective, here it is (I've been a Broker in Minnesota since 1992):MLS, Realtor Associations, are expensive as noted previously, and finding a broker that isn't too expensive is more difficult than you may think (I have been told "hidden" fees brokers charge to agents are common).The other cons of getting a license:1.

I do not know about the specific area mentioned here other than the news stories.What I do know from talking with lots of investors is that the cold and rust belt states except for urban core in a lot of instances are dying off.I see many retail centers going dark, home values falling, older generations are migrating away to warmer climate states.I am sure there are some absolute gem areas in the colder climate states with pockets to invest in.

The property was not hidden from Bankruptcy, the note was discharged.  

That tax deed stuff seems like more of a headache than I am willing to put in to this career, but still, I am sure there are some gems out there for people interested in that. 

Hidden charges?  

Anyone who tells you different has a hidden agenda.

Most tend towards the"too far gone" end of the spectrum, but there have been some gems.

The name may be hidden so look for assignments of the notes.

I bought a house that had hidden, but major termite damage.