Due your due diligence and be sure to understand all of the rules before engaging this structure. 

I engages in hundreds of discussions here on the BP forum on the subject of self-directed investing (which is area of my expertise) and almost all of them people are asking questions, want to learn more, etc.

A salesperson working under a broker may engage in such activities.Good luck.

Based on the results of the title search, if it doesn't show the occupants as the current owners than I would also engage a probate attorney to validate that they are the legal heirs to the property, and find out what documentation is needed for them to be able to transfer title to you. 

Many seasoned players get burned in this market

It's blatantly obvious they aren't real players.3) rental game is long term money, usually using financing from banks.  

The only other recommendation I give is to go ahead and have a lender lined up so you can pull from the LOC right after the closing on replacement property,  Alternatively, you could engage in a full refinance (although much more costly) right after you have closed on the replacement property. 

If you "choose" like this you aren't you technically engaging in discrimination under the FHA? 

And if they can't tell you what this "registration" fee is for and in that amount, I personally would not engage and steer clear.

From there, I am not 100% clear as to the next step to take in this journey however, while figuring that out, I am reading books and blog after blog written by successful investors to gain as much knowledge as I can.At the advice of Gary Keller's "The Millionaire Real Estate Investor" and numerous other real estate blogs, I know I will eventually just have cast my fears aside and take the dive and close my first deal but, as a new member on BiggerPockets, I am here to learn as much as I can about investing and about my market along the way.I look forward to engaging with and learning from the community here and developing my professional network along my journey into real estate investing.