First time rental buyer.. HELP!!!

[Michelle Francis]

My husband and I have been given an opportunity to buy a house from a friend but we are not sure that it is a good deal. It's a 3/2, 1758 sq ft. Located in N. California town, population 60k Here are the numbers: Selling price: $240,000 (appraisal is in the works) Down payment: $72,000 (30%-if there is a way around this we would like to keep more money liquid.) Rent: $1350, renter has been in it for 6 years and will remain for 2 more at a minimum All utilities paid by renter. Rental income guaranteed for 2 years by seller. Home was built in 2004. We are local so no PM is needed. We plan on keeping the house for the lifetime of the loan. What other info is need? We are feeling overwhelmed but want to get started