That said it does have some disadvantages to local and regional providers, including:1.

Odds are also in these types of areas your competition likely doesn't have them so you won't be at a disadvantage. 

Both markets offer certain advantages and disadvantages in comparison to one another.

One disadvantage of setting up an LLC online through the state is you do not get an OA, which is a critical component of the entity.  

I dunno if this helps with your investing situation.... but as far as your realtor career, if you don't have a car it's a big disadvantage in driving to properties and potential clients.

Are there any disadvantages to purchasing a condo instead of a house aside from the HOA dues (FYI HOA dues in this case only cover snow and lawn maintenance)?

There is overwhelming evidence that lack of money is a disadvantage and having money affords opportunity, yet people without money still claim money doesn't buy happiness.

There are two basic types of notes  performing and npn  then there are different class's of notes owner occ and commercial... each has their advantages and disadvantages  and of course their risk and reward component .Really depends on what you want to do.Much like all the talk on BP about turn key rental houses and do it your self... performing notes brokered by your local HML there in the bay area would be more turn key... 

Do you think such a long-term tenant is an advantage or disadvantage?

The disadvantage is less return on your cash.