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. 

He suggested setting up the house with an Accessory Dwelling Unit (ADU) and applying for a conditional use permit.

@Ron Singh,A few things...1) Does your lease say that all lease signers are "jointly and severally liable" for all conditions of the lease?  

He might have lost 30k+ on this but subprime lenders are can take these hits and its expected as part of the market they are in hence the high interest they charge.made a few assumptions but those are the only conditions i can think of on the fly.

Besides that, appraisers typically use a condition code, C1 being new construction, C2 being very updated with little to no deferred maintenance or physical depreciation, and so on.