Sounds like you got your answer, but I still want to chime in.I'd say a critical part of this question, for anyone asking it, is to know what 'bang for your buck' means for you (the person asking it). 

The 45 calendar day identification period can be very stressful, so planning ahead is critical.  

I would advise that you build a business relationship with a credible inspector who you can call on for all of your projects, as I think this is a CRITICAL portion of the process.

Sewer/septic is critical.

Loan: $1037 (Principle and interest)Total Exp: $2144Dwn Pymt: $50,000Close Cost: $4,300 (not sure about this one, I was told it's roughly $1300/$100K, any input would be greatly appreciated)Rehab: $0 (Although, it may need some, but nothing is critically in need of rehabbing). 

It is water under the bridge but I just wanted to whine and figured there might be constructive criticism available @ BP.   

Finding an agent who can help you with comps is critical to see what things are going for in the area as well as how they were finished through the pictures.

I would really be eager to hear what you all think of my situation and these 2 scenarios, as well as any critique or criticisms you may have about my approach. 

I'm 100% open to suggestions and criticisms.  

Not to be critical, but you've been a landlord for 9 years.