I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

The most important aspect I have come to understand is that you can't do it alone and you can't take a back seat. 

Have you given any thought to what aspects of real estate interest you most?

I enjoy rehabbing and improving houses, I just need some motivation to figure out the financial aspects involved.  

You only have to bring aspects of the building that are being altered up to code, not the entire structure.  

The finance aspect is what I feel least informed about and the area I am working most to understand before I put an offer in on a property.  

Can u define the scope of work or you are hiring full time? 

I think it is similar to a lot of real estate aspects in that finding a mentor can be the best way to learn a lot quickly and get going.

"-Source BP blog 28 Mar 2015, Brandon Turner.The legal aspect of things aside, in the end you signed a contract stating you will buy a home, when in reality you have no desire to actually follow through and purchase it.

The flipping calculator is similar but goes into a little more detailMy final piece of advise is to make a concerted effort at defining your investment strategy.