My idea to buy a home is to get an 80% LTV 1st mortgage from a bank, take over that mortgage and give the seller a second mortgage for 50% of the 1st mortgage balance because I need some cash to cover the payments, which the amount of cash would be more than the remaining equity in the home.

Thank you very much for the information.

Also, you are not buying at a premium and can allow the property to appreciate if that said area is historically improving. 

That gave me a bit of a taste of what real estate can do if you find the right deal but I had no idea what I was doing at the time.

Huge thanks to Filam company for their support throughout the process.

Where can I find the best deals?

Before this we are planning to go debt free in the next 4 months.

Did a quick brush through your past posts.  

One mistake could extend the tenant's stay for months without any income, not to mention the stress it could cause.

You can also ask the title company to offeer a "lean Fee Sheet" meaning "Cut the fat" and reduce the BS fee's.