While doing research on the Cleveland market make sure you check out The Ultimate Guide to Grading Cleveland Neighborhoods.

Plus, since they sell loan derivatives, they have to grade loans and adhere to much stricter underwriting guidelines.If you have a strong enough deal, and are willing to put a substantial down payment on the deal, you shouldn't have a problem. 

The total above grade sq ft of this home is estimated at 1150 sq ft, with 2+ bedrooms and 1 bath.

It really comes down to the grade (-A,B,C+,C) of the neighborhood and house to determine the quality of your deal.

I considered doing a rental grade rehab and then refinancing after forcing appreciation so I wouldnt have any money in the deal, but I chose to take the capital instead.We are under contract!

How can I find out more about how you grade neighborhoods and find ones in A and B class from a distance?

Take a look at The Ultimate Guide to Grading Cleveland Neighborhoods for a reference as to what I mean when I say B-Class vs C-Class etc...

So I've been running into a lot of houses lately that have bowing foundation walls or other foundation problems (in my case it has mainly been from frost heave and poor grading on the exterior of the house) and have been advised to steer clear from them.

It is RICO grade crime folks.

I think the 1st thing you should do is read The Ultimate Guide to Grading Cleveland Neighborhoods then let me know what type of investment appeals to you & I can give some guidance from there.