Our budget is $47k Lessons learned?

Depends on your local rules and regulations, but in the state of Virginia such a practice is perfectly lawful.PS: Do not take model legal language and incorporate it into your contract unless such language comes from an attorney. 

Lessons learned?

This is our first foray into MTR so I expect we'll learn a lot.

I am a beginner and learning about seller/owner financing and I am in Canada.

If you focus on learning over the next year and going to local meetups, you will be very ready to buy as your finances increase.

It was definitely a learning process, but by the time I closed on the property I felt very comfortable with my decision and where I was at.

I've also learned to have a healthy level of skepticism when someone is TOO eager to move fwd quickly after/during a first meeting.

Any learning material link/book/video I can go through to learn more about them? 

These are just a few ways to begin making contacts and learning about the strategies available to you.Once you decide on a strategy, I'd recommend connecting with an investor-friendly lender who will give you an idea of how much you qualify to borrow for your first property.As you progress in this initial research phase, your goals and action plans will become clearer.All the best!