It would seem having a set of plans would be very important for many reasons, like emergency plumbing or electrical, etc."

There's no reason to wait, call them now so that you understand the options.

Availability of funds is one reason some buy NPNs.

The reason people hesitate to pursue ground-up construction here is because it's costly, unless you're building a two-family home where you can live in one unit and rent out the other.

Maybe it’s just gut feel, but for some reason It FEELS like these two scenarios will provide excellent opportunities moving forward, while fishing for notes to purchase at significant discounts to current principal enough to yield sufficient returns doesn’t seem as promising.  

There are many reasons but near the top of the list is their cost versus the value add. 

You could structure the deal with seller financing to bridge the gap.Possible offer structure:-Purchase Price: $170K - closer to actual value-Down Payment: Low or zero down to conserve cash-Interest Rate: 3%-5% - or better yet, 0% if the seller will agree-Monthly Payments: Interest-only or deferred until the sale-Balloon Payment: Full payoff in two years when you sellIf he wants $200K, you can still make an offer of:-$170K purchase price + $30K as a second lien due at closing-Seller carries $170K at a low interest rateHe would feel closer to his number, but you still keep within reasonable investment limits.2.

Are you just calling for the listing, or can you offer a free report for example 99 reasons why your home didn't sell or something like that.Don't forget to call the people who know love and trust you. 

Drop your choice in the comments and share your reasoning!

If I can pay the repairs with cash any reason not to do that?