I try to target properties at the 1% rules as opposed to the 2% rule for my cash flow plays.

You definitely want to join local REIA chapter, all HML as well as a few wholesalers are very very active in the group.You also want to ask your realtor to expand the search outside of just foreclosures, since there are deals to be found on MLS on conventional listings as well (mostly probate, divorce, preforeclosure, short sale, etc), and many times that would actually save you money since the homes would be in functional condition, as opposed to foreclosures, which in portions of Milwaukee require more money to fix them than the purchase price.Hope this helps, and best of luck on your first deal!

The owners have given me a tough price to work with as the exterior of the home is very unique in the stone work which causes many people shy away all together.

If we spray water on the exterior, it leaks through on to the interior floor.  

Not to say I wouldn't be opposed but would have to eventually.

Roughly speaking, what would the cost range be to add brick to the exterior of a 1,500 sqft house?

see how cheap you can get these. its kind of fun " making a deal happen" as opposed to sitting around and waiting for things to get better. good luck to you and please ask me for help when you need it.

Foundation repair can cost easily $10K to $40K, depending on size and scope of the work.At minimum, make sure that the exterior grading and gutter downspouts drain water away from the house.

They come into the basement and cut out the concrete slab about 2 feet from the exterior wall continuously.

I am not opposed to doing that to find deals.