Next level up is rehabbers who buy and renovate to resale.

I should have clarified that my intention is to use the renovation budget for major fixes (structural, roofs, exterior projects, plumbing/electric) and then I was planning on doing the smaller projects that I can handle (flooring, painting, kitchen update, tiling/backsplashes, etc.) over time.  

This will tell you what you must repair for city code compliance if you're purchasing in the city of Minneapolis, and will help guide your renovation costs.

I'm assuming it's whole-house renovation work and not fast-start, basic-labor work (like gutter cleaning where there really is no logistical preamble for things like dumpsters, materials, etc.)You need more built-in protection for yourself in your bidding and contractual phase of work.

Hard to call that area "Capital of home renovation". 

I would front the money as the project went on and take draws periodically during renovation.

I know after renovations, this will be a beautiful property.  

If it needs a renovation that will increase its value, then you're looking at a better investment.  

If the home is being appraised as LTV should be post construction, if you are looking for a renovation loanI know this is probably not the exact answer you were seeking, but I think it should help broaden your play and help drill down the lender through a simple process of elimination, based on very specific qualifiers you define as it pertains to your specific strategy.

Don't mind having to renovate) just needs to cash flow.