-Legal Protection: A real estate attorney should draft the seller financing agreement to make sure your interests are protected.Final ThoughtsThis might be a pretty awesome first project if you can work out some sort of low-down, seller-financed deal with sweet terms.

You could get into that field but it takes a lot more resources and legal knowledge and support. 

I've also seen it where legal counsel has had each of the spouses form their own single member LLC and those LLCs purchase the new property as tenants in common.Food for thought - You'll almost always get a better interest rate and terms buying as yourselves. 

HI, we can help you out with the contracting side of things . we service Atlanta and Macon area and about to get involved in Coloumbus .

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Is the basement legally considered living space?

I would be happy to connect you with a Investor Brokerage and Full Service property management with a local team in Houston.

Last piece of advice is to surround yourself with quality service providers (real estate brokers, lenders, accountants, attorneys, PM's, Contractors, Insurance Brokers)., They will be instrumental to your business. 

An LLC is useful for two things: anonymity and legal protection.

If you treat the renter (resident) well, provide a well-kept home that you service regularly, and stay on top of any maintenance issues, a resident will likely remain in the house for many years.