I am a buyer - my buy box is 200k ARV, all in $150k after repairs, rents for $2000 per month.

The most important thing for you to learn as a wholesaler is repair costs.

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

Because real estate always goes up and the maintenance fairy takes care of all repairs free of charge.Seems like a recipe for disaster. 

That’s correct, a foreigner can buy property through a Mexican corporation, which is a great option for those investing in multiple properties or running a rental business.Key Points I'd like to add to your post:Setup Costs: $1,500–$3,000 USD.Ongoing Costs: $1,000–$2,000 USD/year for accounting and tax filings.Benefits: Allows tax deductions for expenses like maintenance, repairs, and management.Best for: Multiple properties or income-generating investments.For a single property for personal use, a fideicomiso is often simpler and more cost-effective due to its lower maintenance requirements and feesUltimately, choosing between a corporation and a fideicomiso comes down to your investment strategy.

You can get a HELOC if there is equity in the property most likely, which there should be since you own it in cash, but you will just be decreasing your pay out and then may end up short in repair money, depending on how much it is worth.

Well even if the rent is equal to the mortgage, you'll still be in the negative after repairs, CapEx, vacancy, etc.Why would you specifically be thinking of investing at a negative cash flow?

Delays, unforeseen repairs, and underestimating budget up front are all much more dangerous occurrences once a gap lender is involved. 

They claim the repairs were done and that the properties were worth more at the time of purchase but that the area has deteriorated since then.Any help on this subject would be greatly appreciated!

Renting at FMV allows you to deduct mortgage interest, property taxes, repairs, HOA fees, and depreciation against your W-2 income, potentially reducing your overall tax liability.