The two criteria you mention mean that the max amount you can receive for the loan corresponds to whichever is the lower of those two numbers.  

Buy whichever ones they have that actually look interesting (I believe in supporting brick and mortar bookstores, because I love browsing in them.)

The rule for about 40 years that I know of has always been within one year, the appraised value or the cost of acquisition (including repairs for hard costs), which ever is less and after one year the loan is based on the appraised value.

At best, problems in your Massachusetts properties will fall under Mass law and at worst you will have to comply with both states' laws, yielding to whichever is more restrictive.

So at the end of the day if you'll end up with the same rent ready product that you need to pay a property manager to manager pick whichever one is priced better. 

Make sure whichever you are considering that you thoroughly vet, include a visit to the market and a face to face with the provider. 

When I got started in notes several years ago, I went through the last year of posts in this forum and read whichever ones caught my attention.

.----"$99,900 purchase price ----$25,000 down payment from buyer----$1,000 buyer closing costs paid----seller Financed mortgage of $75,000 at 7% interest on a 10 or 15 year am (whichever buyer would prefer).

If you bought the property with cash you can only cash out up to 70% of market value or your cost as determined by your final HUD upon acquisition whichever is "lower."

If they (are brave/foolish enough to) lend, they will typically lend at about 70% of purchase price or current value, whichever is lower.