How long have the tenants occupied, what they pay for rent, do they have any deposits, are pets allowed (or have they ever been allowed), who handles lawn care, what does the owner pay for utilities, have there been any lease violations or noise complaints, do the tenants pay on time...Those are some examples.

I want some of the same things we all would like, which is to take care of my family/build a legacy, to have an enjoyable life and travel, to give to others and make an actual impact on people's live and of course, not have to worry so much about retirement.

The way to go about it is to create win-win-win situations, and to listen carefully to your motivated sellers to eke out why they are selling and what their sticking points are.

Take care not to disturb it. 

Is there anyone out there that would care to explain the closing process to me, or help me to get a better understanding?

Make sure they take care of any of the maintenance problems.

Care to share any numbers on some of those? 

Tried it and didn't care for it.

Originally posted by @Nick Diecidue:we also have enough in our 401k to pay the down payment.Be really careful. 

@Ashley Lynn   Lots of advice out here to be had just be careful what you take in from others.