Another consideration that you should look into is UBIT.

I see, of course the 15% doesn't take basic repairs into considerations?

I'd write a purchase agreement that says spells out the terms of the sale and get the deed for a consideration sum ($100 or such).  

One thing also to take into consideration is that the house is about 900 sqft bigger and about $20K higher than the average house in that area; it is priced according to comps/sq/ft however.So I would be justified in going to my realtor and asking her what else she is doing or planning on doing then, correct?

If the opportunity rises we may consider it, but I'm not walking into this looking for that.

Chris,Congratulations on the new home purchase and your consideration of real estate investing.Consider listening to podcast 78 as a benchmark for entering investment as you are.

I'm priced slightly below median rent rate and my home is one of the nicest in that rent class, that is the consideration I'm giving not a reduction in rent.

Huge, huge risk that you are not taking into consideration. 

Also take into consideration of people sharing connections, only one person pay and the rest of the block share.  

Regardless of who you use for closing, I always get Title Insurance (unless the house is free) If you have issues or concerns other than getting a closing done, you need your own attorney.Depending on exactly what they told you, I would give some serious consideration to whether this is a title company I would want to use.