My target area dictates that I'll likely end up in a something with 3-6 units for what I want to spend on this first property.I'm new to RE Investing (I've been reading and podcast listening for months) so I was originally just targeting 2-8 without making a distinction between commercial or residential.

There are towns growing within commuting distance, but in most cases there is a clear distinction between those towns and Lex b/c of the farms.

You don't  need to explain distinctions between tax certificate and tax deed.

You'll also have the make the distinction of it's for you (or a tenant) and who is paying the utility bills.

Might consider a title holding land trust too... thus, alleviating the concern for the due on sale clause...although it can be paperwork intensive.Anyways, I encourage you to address the taxes and insurance distinctly in your contract, no matter which tool of seller finance you use.  

@Drew Kimminau that is accurate and clear distinction.  

A subtle distinction?

Read up on these two distinct schools of thought and make your decision based on that. 

Again great points and I am glad we made the distinction.

It's a fine distinction and, under the law, the courts are erring on the side of the sellers and agents/brokers.For maximum safety, plan on doing back-to-back closings.