If you buy in state it's one $200 transfer (and one wait). Out of state, you have to have it transferred to an FFL/SOT in your state first, and then it's transferred to you. If the out-of-state seller is an FFL/SOT, it goes to your FFL/SOT tax-free on a Form 3, otherwise it's tax-paid on a Form 4. So you could have one $200 transfer, or two $200 transfers, depending on the circumstances. There would be two waits in any case. An M11/9 is not a C&R, so you can't use the C&R license route to eliminate one of the transfers.