Ahhh!! Closing on 1st home and am afraid I'll miss something!

[Stephanie Hardy]

So, my step-father-in-law has decided he will seller finance a home to us! This will be our first investment property. We are still trying to figure out if we want to spend $15-20k to redo the floors, kitchen, & minor bathroom items or if we should keep it as it. If we rent it as is, we could get $1050 or so for it, but renovated, we are thinking ~$1300 and that it will attract a bigger crop of people since it won't be so dated. Opinions on that?

Also, and more importantly, because we are seller financing, I am very scared of the whole process. I've bought homes regularly, but this is slightly overwhelming. I am planning on getting a real estate lawyer for help on the contract, but after the home closes, what do we do? I've been listening to podcasts, webinars, reading the forum and now that it's all happening, I feel like I know NOTHING! Is there like, a checklist out there of things to make sure we are doing? Any advice would be great, please!