Pay special attention to the timelines and the expiration date of your inspection contingency, and make sure you get your inspections done asap/early so you have time to review and decide.Secondary to that, make sure you understand the finance and appraisal contingencies and timelines built into your contract.Your realtor should be able to walk you through every step of the process.Good luck!

Any recommendations out there on first steps and do I need to get a lawyer to make this happen?

I'm just trying to figure out what steps I should take to get to my end goal of one day owning a large apartment complex.

If so then the proceeds are tax free and they can invest or not or spend on a new primary as they choose.If they do not qualify they can do a 1031 exchange for another investment property - not a primary residence initially.  

In Florida, generally, the steps are: late notice, Notice of Intent to Lien (the property), filing the lien, and finally foreclosing the lien.

This home is beautiful, it has an estimated value of $360,000 per a residential/commercial appraiser I initially hired and is contracted at $279,000.

@Crystal Wilson carpet almost always has the lowest initial cost and the highest lifecycle costs.

The numbers work (in my initial research) so that the Cash on Cash Return on Investment is 11%.

Sometimes you just have to step away for awhile and let a deal come to you.  

In a few years you could do a cash out refi or get a HELOC to help with your initial down payment on your investment property (note: most major commercial lenders won't care where you get the downpayment from as long as the numbers on the property work).