My best recommendation to all serious investors that are in the real estate game for the long run to always hire an Architect when doing extensive work that involves submitting construction documents to any jurisdiction.

This house was. built in 1992 and the montage was about 102k at the time, we also had a 50k extension to the house, adding 2 bedrooms and a bathroom, making the house a 4 bedroom 3 bath.  

If/when you have an accidental activation the clean up is extensive and costly.  

@Kyle FitzpatrickI would check out the Network tab here on Bigger Pockets and look in the Events section for local meetups in your area, as well as a quick google search for real estate investing clubs near Bloomington.I am a new investor myself and just attended my first Chicago Creative Investing Association meeting, and got to hear @George Skidis speak about investments and his extensive knowledge of insurance regarding real estate. 

Biggest challenge was being able to develop reconfiguration plan with the extensive demo requirements.

In the event of a default by Lessee in such performance, Lessor may apply such portions of such deposit which are not applied by Lessor or necessary to be so applied in order to compensate Lessor for damages sustained as herein provided shall be returned by Lessor to Lessee within thirty (30) days from the expiration of the term of this leave or extension thereof, provided Lessee has given Lessor in writing a new or forwarding address.

In their heads, they're thinking about having to re-list it and close on day X+45, assuming they can get an extension on their listing agreement with the seller.

Plus there are still builder communities building new houses and you'd be competing with those if you're trying to sell the property.This would be a hard pass for me, even at $200k, since rehab seems like it would be extensive.

It needs extensive work and they don't have the time or knowledge to deal with it.

Real estate always has ups and downs, tenants can some times do extensive damage and there is always the inevitable eviction that can involve extended time without income.