The concept isn't that much different than bank financing.In bank financing, the bank creates a promissory note and collateralizes it with a mortgage. 

Account Closed very interesting concept...the seller is getting very close to giving it away but will try to whittle it down another few thousand.

Basic pointers I'd recommend is to start looking online at your own market as you're learning the concepts to compare them with your market, and get involved with an investors association down there - If I could it would be my first stop in deciding if REI was the right place for me.Welcome to the community Aaron!

@Delmas Edwards If they don't want to be evicted, yes.  

Another method is physically going to properties on the market in your area and look at them, look to the basic concept of "DUST" in the real estate, after about 50 homes in a band of price ranges, you'll be able to guess, it might take 100.Too bad newbies don't have a "Blue Book" for real estate, wouldn't that be great......Oh, that's a 2006 model Harrison Built in Oak Hills, zip code 65606, ah, it says here the 3/2/2 is worth, in good condition, $212,500.00 !  

(Though even most experienced investors might not think of taking the interest of the heir and doing their own probate)  I still put the concept out there so it will help not just our OP, but also others in a similar position.

I really love the buy and hold concept for many reasons!

Interesting concept, Jason. 

First off, I would like to clear up a miss conception on the label by my profile name.

Welcome to BP, @Adam Edwards