When you think about this purchase, what stands out the most?  

Hello Joshua, I suggest you read the book on Rent Property Investing, Brandon has a lot of great information that really helped me a lot.  

Any thoughts or suggestions on how this should be handled?

I wasn't recommending it, I was suggesting to run it by a CPA. 

My suggestion  for you is to join some local REIA and find contractors there. 

Does anyone have feedback or suggestions on locations.

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This might be a lot of new information for you so feel free to ask if you have any questions.As has already been suggested, you might want to consult with a good real estate attorney who practices in the area where the property is located. 

 @Jordan Moorhead Thank you for the insight, Devin has some suggestions and tools I am looking into as well!

On the phone he suggested doing half seller financing where he would hold the note for 15 years at ~7% interest rate.