Most lenders use a Loan to Value (LTV) metric to determine the maximum loan amount.  

Make sure you know who will be signing on that loan as the person who does will be personally responsible.

I would echo most of what @James Miller said and add the following:* The LO/CFD can be recorded as a deed w/ vendor's lien the day after signing.* Any JP who knows anything on this will deny all evictions.* Compliance is virtually impossible.* Most of all the executory contract statutes apply when there is a consumer tenant/buyer but not for commercial.The owner is probably better off doing a full wrap sale than LO.

If they do this, then have them sign off on something saying that they forfeit everything else.

Typically any member 20% or greater owner is required to sign loan documents.

Your property had an adjusted cost basis when it was sold and that basis nets against your net sale to determine the tax liability.No replacement property = no 1031. 

:We signed up for few local wholesellers email/text notifications.

Being that it will be my first investment property, I need help in determining if there will any hidden costs I may not know about that I will be responsible if I become its new owner.

When they sign and return, take it to the title co with your EM check and open escrow. 

If you google “real estate license Arizona” you’ll get a lot of different options for places you can sign up to take the courses you need for the license .