The actual house and the lot next door is commercial option also as it sits on Main Street (route 30) in Manchester.

This is only intended to give you a guideline to direct your conversation with these individuals.Incorporate an LLC with S-Corp designation that will be your main business.  

You also lose out on some of the tax benefits.

The biggest tip is that this scenario really only benefits the contractor.

You can surely go through the "Education" tab under your account's main page that has some valuable links.

I sent a follow up text asking for the buyer's name, proof of funds. and email so I can send the agreement first if he's planning to double close.My main question is, Is this a common way of being approached by buyers, or every buyer has their own way?

We also plan to move to  Austin, TX at some point after marriage.My main concern is whether or not I would be able to allocate resources (time and money) to investing with both my wife and original partner separately.

Its a great place for cash flow and depending on your investment strategy there is a very wide range of types of investments.I have been working on the investment side of real estate for several years now and know the city very well when it comes to buy and holds.I own a few myself and have and have wholesaled and worked with a ton of buy and hold investors.You need to be careful of what you are really buy in SA though as what you are experiencing in Austin is happening here as well but mainly on in low-end properties.

Mainly because not a lot of lenders offer it.  

My main concern though is: Might it be best to NOT go ahead with the purchase?