I will most likely go with SFH because of the price point but do understand the safety net that comes with multiple units.

You can do well, but need to be very patient.

I feel as though adding liquidated damages to the contract would add a safety buffer to your work.

There is also the safety aspect of it.Hope these options help.

I guess this is where the investor in me will have to be patient.

Due to the condition, the property may have health/safety risk(s).

Or the patient takes the signed letter to a notary?

As @Larry F. posted, be prepared to pay retail and we are at the peak in most of OOS markets.BE patient and do your due diligence in evaluating the deals

I've been anxious to reach the goal of acquiring my first property investment (preferably before signing another lease) but I feel a 'sit and wait' for better buying opportunities or for just not buying an asset in quick sand might be a wise and patient decision...

Get a working bathroom, kitchen and all safety related items finished.