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Wouldn't you be better off buying some land for the $50K, and spending the $200K on having a new home built? With everyone scrambling for work these days, and the state of Michigan's economy, I would imagine you could easily get a new home constructed for well under $100/sf. Everything new, energy-efficient, and under warranty.
Have you considered that option, or are you really in love with this house?
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If you want to avoid 95% of internet spelling errors:
"If your ridiculous pants are too loose, you're definitely going to lose them. Tell your two loser friends over there that they're going to lose theirs, too."
It won't hurt your fashion sense, either.
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