It takes guts to wager a bit of short-term profit on humanity, but I offer that it will pay you back.  

Otherwise the lot is an easy sell.The preliminary research i've done, with proper re-zoning/approval, I could build around 6-8 SFRs.

I was wondering if anyone has advice on how they do their preliminary process in order to rule out some of the notes before the real in-depth due diligence starts? 

There should be some written correspondence of this "preliminary approval", by either an email or a communication thru Equator if that is being used.  

If the preliminary offsite checks go well, and for the most part we probably know this in the first day or two, we can do the onsite and offsite parts concurrently.  

.    ----     Due to good size square footage, would rehab the home to a 3 bedroomRehab Cost: $30,000 (Assuming half of that money would be going towards the addition of a bedroom)ARV (Assuming it can become a 3 bedroom): $145k-$165kPotential Rent Amount: $1300-$1400/monthIf purchased with Cash: Total cash needed - $109,900      If flipped - Profit of roughly $35k-$55k minus closing cost      If rented - Cash flow of $600+ (7% Cash on Cash ROI) or could be BRRRRed for potentially an infinite %            returnI know these numbers are hypothetical right now and would have to evaluate the property in person, but for just a preliminary analysis, this property seems like it has a lot of potential in being a good investment. 

My preliminary research indicated North Carolina, South, Carolina, Georgia, Florida, Arizona, and Texas and great future Baby Boomer States. 

It is very much advised from everyone I have talked to to at least get a preliminary.

@Clayton Hepler Find a title company and get a Preliminary Title Report.

I am looking to educate myself on the process of buying a home directly from a seller subject to the existing financing or using other "creative" financing.I understand an attorney will be in charge of most of the paperwork, but I would be very thankful if someone could give me a preliminary summary of the paperwork required to at least "get the deal going."