I also work with several buyers a month for mortgages and the low end of what we see in the Twin Cities is $1200 on a primary residence, with an occasional outlier below $1100.

I am looking to start small and buy a condo or SFR to rent out and maybe use occasionally for vacation purposes (Florida).

Looks like these areas have great school systems and occasionally small, older SFHs come on the market at $100-125K.

I personally don't do NPN and except I will buy the occasional first but don't do any thing with seconds.

Most title companies if your just one off buyer wont do the note for you.. they do them for me but we are a top tier client.So you have the note sent to title they prep the closing statement and deed and put your note in the file as well.. when its ready to close the title company is going to contact your lender provide wire instructions and tell them how much they need to wire into close.you going to either go in, or have a mobile notary come to you.. sign notarize the deed of trust ( Notes are generally not notarized or need to be  although does not hurt to do it but like I said not common and does not make them any stronger to notarize them)you sign... your lender wires in the dough  seller signs returns their docs.. and next day or so when all docs are together it closes and you now own it subject to the loan.the title company will then send the Original signed note and copy of HUD etc to your lender.. you get copy of hud.. your the owner lender is the bank. simple done every day.on the West coast we DONT use attornies to close and we do NOT do wet closings I have not been to a closing basically in 25 years.. occasionally if I am around the title company I will go in and sign but NEVER is the buyer and SEller in the same room and NEVER are checks distrusted on the spot like they do back east.For one I would NOT accept a check from a closer attorney or other wise I ONLY accept wires as a seller ...

I have 10 rentals that need occasional attention.

But older vehicles that have acceptable impairments (dings, dents, maybe sheet metal damage, etc.) but aren't leaking fluids and start and sound 'normal'... there are some reasonable buys if you stay patient, even (occasionally) from the high volume sales areas like Raleigh. 

Then there is the occasional hurricane.  

That could change, but right now that is our focus along with continuing to flip the 2-4 unit properties & the occasional single family.

Based on my limited experience attending this particular tax sale, the difference in the purchase price on the two properties would likely be pretty close to my estimate for the difference in repair cost.I am now wondering if I would rather have a property that I have to drive a long way to meet contractors occasionally, or meet contractors regularly close by.