It is strictly creating the terms which will be acceptable to you and the seller. 3.

It was $300 or so, but it cleared the home as lead-free, which in MD was important as they have strict rules about registering and testing.    

Maryland has really strict laws about contacting homeowners who are in default.

The city is strict on rental licensing and those properties are expensive- not saying you can't do it, just do your research first.

Long story short, EL has very strict, expensive, and lots of hoop-jumping, to get a license.  

Plus, the HOA is strict on the owner-occupied ratio and if our renter leaves we are placed on a wait list and will have to float it till our name make it through that list.  

Should I be looking for strictly a fixer upper?

If your looking for strict buy and hold I would target the BRRRR strategy to maximize your $100K.

The last few books that have really resonated with me haven't been strictly real estate books, but I loved The One Thing by Keller and Papasan, and an old classic that I had somehow missed all these years, The Seven Habits of Highly Effective People by Covey.  

You can be a strict or as loose as you communally agree too - and with a certain level of agreeance (usually 67%) the rules can even be changed from time to time.