The biggest drawback I am having is calculating cost for repairs & finding a reputable contractor for a fair price - I know nothing about renovations right now.  

This can save you from costly mistakes.

Would talk to contractors and get a sense of renovation costs and ARVs. 

At the cost, and given the benefits of most mortgage insurance offerings, is it worth it to pay (however much extra it is)?

True private money is going to cost 10-12% plus deal equity which often makes the true percentage 20-22% on your money vs alternative lending which will be around 12-14%.Here to chat if you want some help comping a deal and putting one together. 

However, selling within a year may result in minimal mortgage paydown, given the substantial transaction costs.

If that property drops 5 you now have another $15k to come up with on top of the closing costs on that property.

I have about 10-15k to play with which should be enough to cover closing costs and have a small bit in reserve If I can't find a Tennant.

Partner Driven financed the Cypress Place deal using its own capital, covering the $290,000 purchase price and $20,000 in renovation costs.

I would caution and encourage you to look into the general cost of living difference from where you currently live and where you are looking to move.