I'm thinking I can do this but want to ask this group before I return their call. 

Know what your bid means and how it affects you interest rate return and the ultimate cost of taking the property if you foreclose.

We feel that we are getting better returns there using a buy, rehab and sell with owner financing.  

If she is throwing money into the mix, have it titled in your name and give her X time to refinance, within which time if she does not/cannot you can sell and return her investment to her, minus any losses. 

There are so many small MN towns that must offer healthy cash flow returns. 

It's on septic and well, so not sure how that will affect my return because I have no experience on such properties.Thanks in advance.  

I find better returns renting in blue collar neighborhoods in Tally.I think Biggerpockets is a great resource and everyone on here is very helpful and open.

You can easily do a fix and flip in my area for 150k. 

Most investors want a 12% cash on cash return, which works in this scenario if you are splitting the cash flow 50-50.Is there equity in the home that you own?

But if I was to suggest a actual number of units, min 50 plus, having said this its really up to the Numbers that the deal returns.