Anyway, I will have lots of questions later to run by the experience here on BP but for now, I was wondering if anyone can briefly explain how a typical investor relationship would be structured (how do I entice an investor & what do I offer) and what trait do I need to consult to capture that structure; attorney, accountant, etc.?

Seller scenario, motivation and purchase:The seller purchased this house as his primary residence and then ended up moving into another house a few years later.

I'm also interested in rehabbing, but that will come later as I go.

Many people overdo the basements and later discover it's a superadequacy for the local market.

Because my mom, who lives in columbia, SC had a house which was around 130,000 and bought 2nd house which was around 350,000. when she first moved to the 2nd house, the mortgage was only 1700/month. but later the home became 2nd mortgage the monthly payment, because of the taxes monthly escrow became 4000/month. which seemed crazy. is it suppose to be like this?

Will be looking to start wholesaling and later I would like to do buy, fix and sell. 

Pictures of where we are currently, ill be posting later costs on the project so far along with projections on costs and sales priceHere are some pics from the inside(view from living room to dining and exit to patio)(reverse view into from dining room into living area and kitchen)(view of where kitchen will be)(view into living room)

It was listed at 169,000 and we got it under contract for 157250 with 3,000 back for closing.It's a 3 BR, 2 BR single family w/ a partially finished basement.One of my exit strategies since I must live in home for 5 years in order to not have to repay the 20,000 grant - is to rent out then3 brs up stairs with private bathroom, and full house access for 1,000.I test posted an ad on Craigslist as was getting 1 person a day interested in it.I would live in furnished basement and after 5 years and 20,000-30,000 of mortgage paid down by the renters - hopefully sell for the market value or hold for my rental portfolio I am starting.It was hard to use the calculators for this because I was renting and living but I calculated 1400 expenses including 5capex   5% vacancy full landlord utilities and all that jazz.Seems like it would still cash flow $100 if you could rent it out for 1600-and break even for 1500.But I was more or less thinking of getting some instant squirt to pull out later in 5 years after sale or just in general to use for more deals.Also wholesalers in Rhode Island I am looking for you.

Oh and the tenant will try to sue you for some BS that gets later thrown out of small claims court but still wastes your time and mental energy*.

The later two may charge you.