When I hear North Minneapolis, it's essentially the worst neighborhoods in Minnesota that you could find in my opinion.Pick pretty much anywhere else, and it would be better expect for a couple other smaller pockets.

There currently is a developer raising funds to revitalize the Portland area in the coming years just as he did with "NuLu" district so you'll likely see more and more investors eating up property while it is still dirt cheap.

Essentially you are at a 5% cap rate before repairs needed.

I think the answer is yes, but I wanted to get the perspective of some other seasoned investors.I bought this condo for my primary residence about 10 years ago with essentially nothing down.

You essentially have little to no control over the property you own.

It essentially means that title is vested in defined ratio to each entity on title.  

This is when a lawyer may be a good idea, although not essential.

Some of you may recall a while back I had a thread and blog post regarding a rehab wherein my contractor essentially made off with a bunch of money but less than a bunch of work done (lots of lessons there, feel free to check out my blog if you're interested in a synopsis).

It's in a high demand rental area within a fantastic school district.

You are essentially pitching your project and the merits of its potential, so be conservative with your projections and realistic with your costs.