The amount can get us an average home in a slightly cheaper area or one of the lowest priced homes in a more affluent area... we want to rent the property out and ideally breakeven.

@Harley TigrerosYou should be able to find the public notice of the foreclosure that'll give loan amount owed and, if it does go to foreclosure, you can buy it at auction (if it's within the specified time period for public notice)

I would agree with some of the previous comments, a significant amount of the DSM growth has been the metro draw from more rural areas of Iowa. 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bpThe second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

To me the premise of your FED (the amount outstanding) is now incorrect (...probably).  

Most partners aren't contributing a large percentage of the investment in sweat equity, so if your partner walks out (or has to be "fired"), typically it's time and headaches that are the result, not large amounts of money. 

I established a team at location and would like to bounce my numbers off the BP community and would like to know if I am leaving anything out.PURCHASE PRICE: $195,000PURCHASE CLOSING COSTS $3,000ESTIMATED REPAIRS $50,000TOTAL PROJECT COSTS $248,000AFTER REPAIR VALUE $373,968DOWN PAYMENT $19,500LOAN AMOUNT $225,000LOAN POINTS 2%AMORTIZED OVER 1YRLOAN INTEREST RATE 12%NEEDED FOR CLOSING $25,000/ r

I would make sure that is correct in your expense column and check with a PM for what kind of rents in your area because East Dearborn vs West Dearborn will give you different rent amounts.

I'd say that the amount of units and general size of the property will determine the scope of dillegence required.