Guru is estimating purchase price to be no more than 40k, rehab is hard to say as he cant get inside the property to get an estimate. 20k?

Finding areas like this is often hard work.  

I would maybe be less worried if I was renting to her in the spring since Minnesota eviction laws make it hard to evict in the winter.

It's really hard to tell because you don't know what the bidders know.

Being as I am just starting out and this is my first investment property this is hitting me hard and I am wondering if any BP friends have advice or useful information for someone in need.

. $ Creative way to get a hard to sell house SOLD FAST!

I learned this after I did some more research. 5k on 100k LOC is really good when you compare it to a hard money loan, however, the damage it will do to your credit score short term is too much of a risk for me. 

@Seth Teel probably knows more about the area, but I find it hard to believe that it would be 200k in development  costs for up to 6 units. 

Obviously, if I were there I would be working my tail off to get the place rented, but you just never know how hard the PMs are working.  

The great aspect for me is that there would be no land cost basis and I would get the experience managing the flip (I have never done a flip yet).I believe there is definitely potential in this deal but the issue is that I do not own the lot. 1) Is there a way for me to get financing on such a deal (hard cost around 500 k) say if I had a JV agreement with him but did not own the lot?