Any thoughts that wont get me in trouble?

Conv BK CH7 is 4 years not 7, if you have multiple BK's its 5 years.2nd TD's it depends on the bank some wont even allow a BK CH7 to even exist on the credit report while most I see are around 5 years.

Make sure in either case to purchase a publicly maintained road, so you wont have to worry about winter snow.  

If its because you cant see the inside .. then even you hard money lender probably wont fund the deal.

It's hard to destroy concrete...but it can happen.

LOCATION, LOCATION , LOCATION we all hear this .. however in the Mid west you need to also add in that equation PM PM PM its is ultra critical to have the best PM you can, bad PM will destroy a mid west investment.. you need to keep in mind that the renter pools in the mid west are not West coast renters were there is huge competition in many markets for rental properties...

If so then this property just wont cut it unless it is less than $190,000 but that seems crazy...

What I have seen in other posts is that the banks wont refi you unless you have it for 6-12 months.

I wont have funds to make repairs, and the home needs repairs.

As bill said, it wont affect the 70% but it will reduce your repair costs.