I suppose the question for you to answer is: how soon will it be before you are on the same footing as everyone else wanting to buy, but who doesn't have family to help financially?

Read books, listen to podcasts, and "drink through a fire hose" as quickly as you can to get started on the right foot.

Read Set for Life and some of the other real estate books to get yourself directed on the right foot. 

From what I recall about the property you're interested in doing something with it seems that you really need to find a way to lock yourself into some sort of a position, something that gives you some legal footing.

I am so new at this ordeal that I am nervous scared but I have to put my foot forward and take action.

You're going to end up footing the bill.Other precautions?

The average price per square foot for this same period rose to $417, up from $386.Tarzana market trends indicate an increase of $30,000 (5%) in median home sales over the past year.

My concern with the place is in the master br there is about a foot long mold spot on the ceiling and it feels like the floor in the second br is unlevel. 

Your construction costs are off by almost $50 a square foot unless you have some kind of deal already inked.

This jist of the rules are no mixing with disqualified parties, which essentially mean linear relatives: parents, grand parents, kids, kids in law, grand kids.