I intend to purchase the principle and interest amount owed to the seller.

First of all there is a wealth of info on BP about wholesaling and wholesalers so poke around here.While you will learn general principles though all these sites, i would recommend networking in your area and see if there are wholesalers or investors who might be willing to pay you to birddog for them or do other tasks to start learning the business and the market.

I think that anyone reading this post that's a property owner should use this as a good time to actually have outlined principles in writing of what/how things are done. 

I would recommend finding a good, quality, honest and ethical lender and sticking with them.

Would like to know/hear from anyone who has bought tax liens from the city of Chicago, IllinoisFrom my research it's a bid down process starting at 18% and IF successful the home owner has 2.5yrs to pay you your principle and interest.

I am considering going the 5/1 ARM route and put the savings from taxes and the lower payment towards the principle of the home.

From my perspective, you should have no reason to question the ethical, moral, or legal act of your decision to receive prepayment of rent. 

These are professionals with additional training and a stricter code of ethics.

He is a Christian radio guy who speaks on biblical principles to getting debt free, saving and getting ahead. 

I've got my mother's work ethic and the carpenter logical mindset of my father.