The online tools are a good way to get a ballpark number and can sometimes be close to accurate, but a PM is able to tell you a more accurate amount. 

This is a one-of-a-kind closed and private community where every member is vetted before they are admitted.

How close is the relative anyway? 

Eventually you'll start developing relationships with people in the market that will bring you off market deals, but they have to believe that you can close the deal.

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

If they sell at 220 after closing and loan paydown they make like 20k or so.

Make sure to check in with some lenders because they can find you grants to help with closing cost. 

Your closing statement should have the purchase price and you add any capitalized costs.   

I did a "blind" assessment where I paid/reimbursed a close family friend to go in as a guest because there were a lot of details I wasn't privy to- and wanted to understand (the whole experience and process from the guest perspective from the initial inquiry, emails, etc.).They shared the email communications (some of which was glitchy or not quite as good as what I'd expect, or told me of delays in receiving responses).

@Devin James My bet is on that they close.