@Ben Kirchner this was 30 years ago, but my point is that I am seeing the same inflationary conditions again. 

Nevertheless, that can be way off under current RE conditions.

Yes It should be in the condition it was when they moved in. 

Was attracted to the neighborhood and overall condition of this property.

It doesn't have to be fancy, but the condition of the house will usually determine the type of renter you get.

FHA MIPs can stop under certain conditions. 

The smart thing to do on your end is take a lot of pictures and/or a video documenting the condition of the property.

We are located in Minnesota, but are also looking to invest out of state in favorable market condition areas.  

We are located in Minnesota, but are also looking to invest out of state in favorable market condition areas.  

Anyway, without a little more detail on why your credit isn't good, it's hard to push you in the right direction, and without some more detail on the condition of the foreclosure, recommendations are tough there too.If you've run the numbers though, and the buy is a slam dunk, grand slam, touchdown and extra point, you should be able to find hard money, but your rates will be exorbitant to cover for your borrowing history.