Help! 1st deal and we might be crazy!

[Copeland Duhon]

We are looking to get started on our first real estate deal. We have found a really nice house on piers for 10k (to be moved) 1000 S/F living, as well as a vacant lot for $40,000 (seller pays closing and water is already there). We estimated moving and all set up costs to come in around 30k. This includes pad, sewer, electrical, HVAC etc... this leaves us with 20k-25k for any renovations that might be needed after moving. We estimate ARV to come in around $150,000, but have prepared to be ok with as much as 130k.

Thats the deal....... here is the question.

1. The house is For Sale By Owner and they have had really bad experiences with realtors. They prefer to work through this without one. What all do I need to look for and make sure is in the contract so I don’t miss anything?

2. How do I look for liens?

3. Is there anything we might be unaware of or need to look out for with this deal?