I have been wanting to do a closing on my own for the experience and get a greater understanding I have written a deed that is compliant with all Allegheny county regulations on the website and am planning to drive to the sellers hometown and sign the deed in the presence of a notary.Any major flaws in this plan?

As I am moving along in my education on RE I am starting to see a major need to track local market performance.

The basic premise is, you add $5K for each major repair the property needs and if you have five items, add another $5K to the tally to cover yourself.Makes sense?

@JaNae Anderson Please listen to the advice that many have suggested above along with majority of people that have been doing this for a long time.

No problem to pay off the original note first to keep everything clear, but still not sure the best way (or if it makes sense) to add an equity partner after the fact on the other property.I have an entity I can use if needed, but could I put the property in it as a single member LLC and then "sell" him an equity interest later without triggering major tax or legal issues?

(majority of NC markets)Alex

Have you posted on all the major online websites (apartments.com, rent.com, etc.)?

What I meant was that in my experience many people think the demolition and construction costs are going to the be major expense of a new construction project like the original poster described.  

Jaime Valencia congrats on getting starting before the majority of us.

Here's my advice, but take it with the caveat that I'm not a credit professional:Sign up for all the major free Fako providers, and also check to see if your bank gives FICO scores.