Hello,Looking to do a deal with a relative that would like to front the down payment on what will be a rental.

The commitment letter had the following language;Transfers/Assumability: Subject to Lender’s then-current underwriting requirements and compliance with the other requirements of the loan documents, the Loan is assumable by a qualified transferee of the Property for a fee of 1.00000%of the unpaid principal balance of the Loan at the time of such a transfer (a “Consented Transfer”).My question relates to the terms of the loan and savings to the buyer.

Im new to the real estate game out here myself and went on meetup.com to attend events related to real estate investing.

My wife is in health care too.

Opinion:  after you get your personal living situation squared away (I agree with @Jonathan Jamie velarde and @Stephanie Potter to use your VA loan guarantee for your own home or house hack).But the question you raise about high prices you find on MLS is interesting and raises another related question:  don't you think that other investors feel the same way? 

BTW, I consider contingencies property-related emergencies, not "I'm so stressed, let's go on vacation."

Perhaps they can patch it and resurface it for a modest investment and make it look fairly nice for a cheap price (relative to other options).

@Mike Dymski  I look at this as   Over paying relative to what ???? 

what other legal related things do I need to do?

First, tell you boss at your company and make sure it's okay -- it doesn't do any good to make an investor mentor if you also lose your 9-to-5.As for approaching the individual: 1) explain why you're interested; 2) say that you did get the ok from your company, and that you're doing it in a totally private not-related-to-your-company way; and 3) offer to help out with his properties like you said.A key thing to be clear about -- if you offer to do any of your professional day-job work for him on the side as a favor for him helping you out, you need to be sure that your company doesn't mind you doing it.