Maine in particular has a few markets with a decent amount of multifamilies.

Does being a first time investor change the amount of my required contribution? 

@Dalton Summers $50k min loan amount

Guests rarely have the entire amount ready to put down.

The property is currently posted on the county sherrif’s page with a mortgage company and amount owed.

I am still new to a lot of the REI terminology and calculations, so I'm just using the amount spent on renovations as my "cash invested."

The easiest thing to do is for the seller to contact the title company, pay the lien amount to title company, the title company will pay the lien off and obtain a release of lien.  

Assuming the leases clearly state a security deposit amount, the seller knows that the tenant will be wanting a refund when the lease ends (after closing) so should be an easy reminder that you need those funds credited to you at closing from them to refund to the tenant when needed.If the seller spent the tenants deposit, at least the credit to you at closing comes out of the sales proceeds (seller just nets that much less at closing) and assuming they have sufficient equity should not be a big deal.  

What is your price range/down payment amount?

What is your price range/down payment amount?