Possible First Rental Property

[Aaron Desimone]

Hello Everyone

This is my first question on Bigger Pockets!  I have read a ton on here and appreciate all the posts that everyone participates in.  I will jump right in.  I have found a 4 unit property that is for sale with a motivated seller.  The property needs work; however it is fully rented.  the asking price is $65,000, the amount of gross rent comes to $2,070 monthly.  I do not have enough money to secure a conventional loan. I talked to the seller and we are in negotiations on seller financing at this point.  

My questions are, because this is my first investment property, what should I do to secure this property if we both met at terms and price?  Do I go through a lawyer to set the terms? How do I find out if there are any liens, or surprises financially? Do I need to go through a title company to secure the deed in my name? Lastly, after reading on refinancing here, do I have to wait the 6 months to a year in order to get a conventional loan to buy out the current seller? 

I am a little out of my comfort zone, and would appreciate any and all information, comments or insight. 

Thank You

Aaron