Now this is with an uncontested legal action..

I know he will be able to give you the proper guidance that you need in order to make a sound decision.

The contract was a simple 3 page one and I wrote this in.Also, it is a single family being rented as a rooming house (which is technically not legal here).

The contract was a simple 3 page one and I wrote this in.Also, it is a single family being rented as a rooming house (which is technically not legal here).

Legal Structure – Would this be structured as a leaseback or seller financing with safeguards?

Being highly analytical—perhaps to my own detriment—I recognize the need for guidance and support from a mentor to help me take the next step and actually pull the trigger on my first property. 

A lot of forum members are experts in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, buy and hold investing, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, the Bigger Pockets blog features links to their fantastic podcast and many great articles: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

Penalties of these Federal charges may include:30 years in prisonUp to $1 million in finesThey have a "statute of limitations" - (with a third "T"  ;-) of 10 years from the date of the transaction - 10 years from now, you could get a very nasty call and hopefully, you put your reserve money in a good account that grew to cover legal expenses**********************************************And the universe could blow up as Doc says in Back to the Future " But, granted, that's the worse case scenario." 

Hoping that someone could provide some guidance on this so I can decide how to proceed?

Quote from @Anne Christensen: Unless you have a ton of equity, I wouldn't bother with a legal structure that adds complexity and cost.The odds of you being sued are about the same as being struck by lightning twice.