Have the seller also sign a seller disclosure to the effect that their is no bankruptcy pending or contemplated but should it in the future they agree to leave said property out of the proceedings. 

If you are contemplating doing more than one loan, do it as an LLC amoung the partners with the LLC loaning the money to you as suggested above.The fact that they are friends has no bearing on the arrangment as to a lending or pooling of funds to the SEC.

I was contemplating the home inspector vs REALTOR license.

This home purchase is contemplated on cash in pocket, if I can get $1,600 monthly on a $83k investment, then I have no intention on disposing of this asset and thus the interim flows will be well above market, and if I sell I will at least recover my investment plus appreciation having accumulated those cash flows.

I guess this particular mortgagor had other debt that they can not handle and are now contemplating bankruptcy.

Hey Bobby,I think all of the metrics you mentioned are useful, especially if you're contemplating a buy and hold strategy.

On my time off, I was contemplating on finding my niche and do something that will make me happy for the rest of my life.

Contemplate and enunciate your current position and goals. 

What I'm contemplating is to withdraw funds from my ordinary IRA; I won't have to pay taxes if I replace them within 60 days.    

@Gary Bahl equity is typically divided up according to the amounts invested (pari paasu) Fees can be divided up depending on roles and responsibilities.Make sure to sit down with an attorney and draw up very detailed partnership agreement that contemplates not just profits but worst case scenarios.