But I don't want to do anything major now given my newbie status (first property was merely to get my feet wet.)

It will merely be a commercial loan instead of s conventional mortgage.

After all, a comp is merely someone's opinion of what a property is worth.

Stay away from the “guru” sales-pitch events - they rarely increase your investment knowledge, they merely empty your wallet!

Let me re adjust your model, $100,000 sales price-41,000 purchase price-41,000 rehab cost-12,000 other cost-----------------------------= $6,000 profitPurchase 41k + 41k rehab +12k = 94k COSTResale of 120k + Int% because they are now funding the loan.They collect a non refundable option and keep the property if the buyer defaults.

My BS meter was alarming mere paragraphs in.

25% vs 5% is a significant difference that makes me re-evaluate if this is a good decision for me or not.

I've checked the comps in the area and the $109,000 asking price is right on par.Here is the thing; due to the top quality of the school district, it's very common for people to rent or buy properties around here merely to have a mailing address.

If you bought it, lived in one part and rented the other two, would the two rentals merely pay 2/3rd of mortgage (and contribute nothing toward your part)?  

Local title insurance company will provide the essentials of what they will require and perhaps a few attorney referrals who could assist and determine whether probate and court powers are required.Having the loan in one's name doesn't occur merely because a borrower verbal intended it to be so.