If you're pulling credit reports you'll see the whole thing:SummaryTradelines, which includes if they're paying on time, how long they've had the account for, etcbankruptciescharge offsIn general there will be slightly different information from each bureau, specifically when it comes to newer accounts, but generally speaking the tradelines and debts get reported to all 3 (Experian, Transunion and Equifax)

When you go to court the judge will see the seller wasn't disclosing a material fact and will show "willful intent" to cover it up.That will cook the sellers bacon.The contract lays out remedies for breach by either party.

From these people I have been able to see the potential that real estate has to offer and would love to be apart of this world.

Depending on your and your partners particular circumstances, different arrangements are 'best' (as a side note, I have yet to see the 'perfect' answer, there are always tradeoffs). 

I see the opportunity for me to help the seller and for me to learn this is why I am seeking assist from the community. 

I am using rental properties as part of my retirement strategy so I too see the benefit

There's a lot you're not going to know, until you see the property. 

I can see the 1k price tag  for a business of some sort...there are all kinds of like exchanges.  

Nothing wrong there until you see the price: $600.00!!!

Make sure you see the loan origination docs at some point.