For me this is a neat place to share knowledge and information with others in the industry... whether they are new or very experienced. 

But you guys are the experts :-) and it makes sens that its net income and not cash collected. 

The building is worth really close to that (based on my realtors guess and my own research / knowledge of the area).I was thinking of offering the seller a Lease Option where I lease for ~3 years then purchase.

I know there are some successful agents on this forum that have lots of knowledge to share. 

No knowledgeable lender would trade the security of a recorded Mortgage or Deed-of-Trust for a pre-signed Deed-in-Lieu.

I'm no expert but I've put what i learned into practice and its working so far.

I have been working at residential architecture firms for a couple of years now, and have extensive knowledge of residential construction, zoning and building code.

Yes you can get title insurance but my guess is you will have to use a knowledgeable title company that has done these before.

If you have no knowledge I would recommend starting there.

<1%I'd say none of my clients do "legal work" themselves, but they hire me once, then re-use the knowledge/forms.Yes, most clients like a one stop shop RE lawyer.