I may encourage you to have an attorney to review the commercial lease for the commercial tenant.However, if you are looking to get creative with your purchase, such as doing an entity purchase or structured sale you may want to have an attorney draft that language

@Wesley W. and @Patricia Steiner thank you for your encouragement. 

So, I'd encourage you to look at owning instead of renting, for your own residence.

As you are looking at investments, I encourage you to include in your thinking that your 401k money may be able to participate in your chosen strategy.

I definitely think your friend encouraged you to invest in a great market. :) 

@Dillon Dale I appreciate the encouragement!

As part of a longstanding plan to encourage home ownership, high-ratio financing (loan-to-value (LTV) ratios > 80%) is available on owner-occupied properties.If you were to buy a rental property, but continue to live with mom & dad, then you would require a minimum down payment of 20%. 

This will make your margin just about impossible to keep in the black for a flip.Brandon is a very encouraging guy but I try and remember when he go in to the market, i believe this was around the financial crash of 08. 

They want you to use a cashier's check or wire transfer to them and they will in turn do the same thing for the seller....give them cashier's check or wire transfer when it closes.Make sure you are closing at a title company.Based on your questions....I would encourage you to have a realtor or attorney on your team and advising you on contract, closing procedures, and structure of the deal. 

I would encourage you to at least chat with an attorney to ensure that you create and operate the entity correctly, since the will be different annual requirements for LLCs between different states.