The kitchen rehab also includes granite counter tops, tile flooring, and sanding/putting a semi-gloss refinish on the cabinets with new hardware and hinges.

I would love to have a place there to rent out part time and use as a semi-retirement pad in the future. 

Or   should I put put on my big girl pants and live in a semi scurvy  house.  

Iowa is pretty cool: you buy the tax lien for the amount due and then make the semi-annual tax payments to keep it "current."  

I want this to be semi-passive, but not just dumping it all in a syndication or REITS.

As for semi-liquid reserves, I like to keep those in a Roth IRA ... if you qualify you can contribute up to $5,500/yr (and another $5,500/yr for your spouse if you are married) ... since it is a Roth IRA if you've held for more than 5 years you can tap the principal any time without taxes or penalties, but in the meantime if you don't it is growing tax free and protected from creditors or frivolous lawsuits.

Being semi-conservative is how I see it working from your point of view.

But if they sell to me its clean and easy and done.. but I am buying for profit or loss.. always used that terminology.So your hoarders and others semi weird folks who just did not want to deal with the public or distressed ( prior to the anti equity stripping laws that came into Oregon and Washington I am sure your aware of the dangers of those if you violate them) came into effect.if your honest with folks they will either let you buy it or list it..

Probably private and owner carry the guy was semi open to owner carry.

What kind of strategy do you follow, it sounds like this one was a semi flip?