M assuming rental from your title.

Like a video game system and a bunch of games?

The sellers said they had the title in hand but weren’t able to find it.

Of course, we have a great team of Home Inspectors, Termite Inspectors, Title Co, Lenders etc to make this transition as seamless as possible.

Personally, I'm not such a fan of books, blogs or podcasts that have quite deceptive titles suggesting that creating substantial wealth and financial freedom is attainable in a short amount of time.

I hope I don't need to pay taxes until I "recover" my initial investment cost (that was 115K) or basis.I am planning to talk to title company and probably lending attorney to "minimize the damage".What is the closing costs for seller financing deal in comparison with conventional buy/sell transaction?

A lot of that depends on the title company and seller.

I would love to connect with "positive, like minded" wholesalers,...brokers, title companies and attorneys. 

Get the title or contract for title:  NOTE--I am not an attorney and am not giving legal advice.  

This structure first compensates either partner for skin in the game (kind of like you would otherwise need to pay for private money), then splits rest.On the legal structure, sounds like you'll want to set up an LLC, along with an operating agreement that specifies the different duties you each have, all the stuff you agreed on deal structure above.