Depends on how much you have to invest and what are your skill sets.

@Michael Glaspie Depends on the size and how quickly the seller can provide a rent roll, leases and financials incl bank statements.

It depends: Check with your bank and see if they have any "seasoning" requirements.

It partly depends on how big each property is.

It depends if the house price will appreciate in the near future.

Depends on what the value is after renovation and how bad you want the deal.

Depending on your state's requirements, I usually will buy decapitated ugly homes directly from the public with no agent involved and in those situations I have a disclosure that states specifically that the seller is selling the home significantly below market value (I also wrote the the ARV in there so theres no evidence that the seller or buyer didn't know what they were buying/selling).

Would rather top notch CPA who understands real estate laws so you are setup properly for the long run.Lender, depends here. 

Either are great, it really just depends on your long-term goals.  

Neither of these are the wrong answer, it just depends on what you want.