I am finding it difficult to find a deal like this one with the market being really hot right now. 

With the market being so hot for sellers I thought maybe this would be an interesting route to go down.

We priced it at $1,200 which was in line with pricing on Craig's List, Zillows, Trulia, Rent.com, Hot Pads and local social media rental sites.

One must consider price point (if the exit value is under $100k, then the 70% rule needs to be more like 65% or better) and if the exit is say $500k and in a hot market, then rehab flippers could still make money today (key word today) at 80% rule.The price point, the market conditions, the level of rehab, the rehab extent, the individual investors capabilities, the financing, and many other factors all come into play.

@Joshua Hill since the market is hot right now I would expect tax deed auctions to be pretty competitive.

I had an owner with $300k of equity on a $450k house, tell me he got behind and lost his house to me in foreclosure because his girlfriend is super hot but really needed bigger boobs, and not making his payment was the only idea he could come up with.

Unit 2 gets very hot, even now with temperatures cooling. 

I have partnered with my uncle (who showed me on to BP), and we are just trying to find the best way to find deals in a hot market.

My attorney said the reason for that was that the seller then could try to raise the price to cover the lien, and sell to another buyer, in the hot market.

Again you and your broker will know Ohio better than me but from a macro perspective my knee jerk reaction is you should push for 9-10%.Lastly you said the building has sat for a year, major red flag in such a hot market.