I'm trying to Figure out how to make this potential deal work.Seller wants to sell but not right away because they still use the house for some income. 

I'm looking to make this part of the retirement stream of income rather than an effort to accumulate multiple properties.

@Sakib KhanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I guess I learned about Key Check, I was not super impressed, but it worked for the basics - it did not deliver income info, which I usually want to see. 

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

Plus, compared to other parts of Florida, the Panhandle is still relatively affordable, making it a great option for first-time investors or those looking to diversify their portfolio.Another huge perk is Florida’s no state income tax and landlord-friendly laws, which make it easier to manage and profit from rental properties.

If you provide specific information such as the address, property purchase price and value,  credit, property rental income, taxes, insurance, experience, and Fico you should be able to get a term sheet detailing all the closing costs. 

Account Closed said, income and assets are the only "hassle" with a conventional loan.

I am not unsure of your current income & life circumstances.

We are not looking to conquer real estate but just start generating some passive income I hope this finds you all well.