My concern would be getting quality property management for that 10-20 unit. 

I am looking for a referral in the Twin Cities (Minnesota) market for someone who is good with foundation repair.

All repair parts and equipment to be included.

Also, after repairing the home and reaching a higher appraised value, are there any restrictions on a cash out refinance since all of the funds did not come from me? 

Brie- do you mean I should analyze the property to include market rent from all units, and also include vacancy, repairs, etc for the entire property (opposed to only the units we would be renting out)?

But have now torn out half of a rock lathe wall, will need to repair that, drywall is going to be tricky to patch in.   

We did a good quality job in Baltimore City. 

Conventional systems will typically cost less than $20,000, but if an Advantec or other specially designed system is needed costs can reach or exceed $30,000".See Cesspools and the Rhode Island Cesspool Act Frequently Asked Questions and The RI Cesspool Act Goes into Effect 1/1/16: What Buyers & Sellers Need to Know (from which the quote above was taken).You will want to check with your mortgage broker, however, with whether the bank will have a problem with a repair credit that large.

They are older and will need repairs in the future.My plan would be as follows:Purchase for $200,000 with 5% down so I would be into it for $10,000.I am asking that the owner hold financing for 5-7 years at 6.5% while I save the monies, improve the properties.  

I fully agree with you on the land; we're not wanting to go into the suburbs but rather exchange 15 acres of ag land for 2-5 acres of wooded land. (35 acres with the rental home included) All this acreage adds up to a lot of work in fence repairs, keeping ag status current with cattle, cleaning up trees that have been dying in this long drought, picking up trash that blows from the road, weed control, etc.