I believe we discussed aspects on the Conjunction Junction with respect to some disclosure form.

My goal was to get completely immersed in all aspects of a property so as to get a “hands-on” education with very little risk.

Honesty is crucial.

I have heard that the legal aspect of getting finance from private investors might be complex. 

Welcome to BP community @Anu Gunn  It is a great place to meet new friends and learn about various aspects of real estate and more. 

Interesting, Darren, my definition is very close to yours, but I'd say there is another important element, the quality of the information given.To me, the derogatory use of the term is applied to those that add fluff, exaggerations, aspects that while may be technically correct but are highly improbable to replicate or simply put out bad advice with no consideration to ethical issues.I make that distinction because, some professor in some university teaching a real estate course or some instructor in a state approved real estate school for agents isn't a guru, they are teachers and instructors.The difference in being a non-guru teacher is two fold, 1. the materials taught are compliant with rules, regulations, laws, accepted in practice and are based in sound applications of the business; and 2. they are qualified by education and experience, by education that has some professional level that is determined by proof of their mastering a level of knowledge, testing and degrees earned or certifications by proper authorities in the industry or academia.

We have discussed the professional cleaning aspect as well and he agree verbally that when the time comes to clean if we are unable to pay for it he "might" go in half for it but we are used to his verbal agreements falling thru.

If it's been sitting and you aren't feeling confident about this many aspects of the deal, I'm not saying don't go do your diligence if you can agree on a decent purchase price, but also make sure you are going in with open eyes.

Are there other aspects in this line of thinking that I should consider?

I would like to find a partner that wants to handle the operational day to day aspects of the business and let me bring the funds and financial background.