Does anyone have any experience doing this and what kind of ratios should I look for in price to make sure that I will be covering most if not all of at least the mortgage and taxes?

What kind of similar steps should/could we take to vet a property manager co?

Narrow down the strategy (if rentals, what kind of rentals, which neighborhoods, etc). 3.

The owner is doing this kind of deal because her husband passed and she wants out of the property.

What kind of program is this? 

Can any of experienced fellow REIs kindly teach me what activities I need to do to avoid those risks?

My husband are I are willing to help in a way that can provide them with some kind of income, if we were going to use their equity and invest in real estate for rentals instead of having them buy another house cash with the equity they have if they sell their home.

Hey Drew great question and it'll depend on what kind of buy and hold investor you ask.

Can someone please be kind enough to simplify seller financing?

Check with a local portfolio lender to see if they have the same kind of product.