2) You seem to be wrapping in your closing costs with your loan amount.

Also make sure you get the security deposits from the landlord at settlement.

Do you look for a certain percent return or a flat amount?

Has the solar system been included in the foreclosure amount?

is there a standard amount of time before the home is in our full ownership?

Stashoo,More of a question than a critique - did you input the actual tax amounts or are you just estimating and the best number happens to be exactly 5% of the monthly budget?

Don't look for properties priced at $150K just because you have that amount.

No amount of patience will help you land a deal to reach success if your criteria doesn't make sense. 

Pennsylvania has a big logistics industry, Ohio can offer strong cap rates. it honestly depends on the investor, what they like, the industries they believe will support the security of their purchase, the distance you are willing to travel, the amount of passivity you want in the investment you make etc. 

Welcome to BP @@Michael Matter Keep your eye out because Indy comes up in the forums a  fair amount.