Once you get an idea of what works well (tiled shower/bath stall, tiled kitchen floor, appliances) in the respective price range this will go pretty quick for you.  

Or is only an LLC sufficient?

Pretty typical seller at 10%, your idea of 3 to 4 % is actually more in line with the actual value of that option, at that price range, over that term (1 to 2 years), and you sure aren't buying any cash flow!

A basic list of just absentee owners will give you a pretty wide range of owners. 

The extra $12,000 I spend on the rehab  nets me another $200-400 in this $1000 price range and that is an extra  30% return above the turn key investor.  

I'm located in Iowa too and there are a lot of nice homes in that range.  

They 5 are: Character (reliability, integrity), Capacity (sufficient income or cash flow to service the debt), Capital (the borrower's net worth or how much of their own money they put into the deal), Collateral (the value of the assets that secure the debt), and Conditions (the borrower's situation and the state of the economy or local real estate market).

It should be in the $4000-5000 range.

Huge range of guests and topics.  

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc.