@Geoff Cavender All the answers you are looking for are already here on BP - you should read these:How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnershipcreate-an-llc-for-first-partnership-best-way-to-do-sotaking-on-partner-s-and-limiting-our-liabilitesIf you still have unanswered questions after that, you need specialized help - talk with @Scott Smith.

But that's okay I can work with this.. hopefully I'm not necessarily going for a $200k house, just looking more or less on how to properly analyze a deal. 

The plan administrator won't let you do those prohibited transactions because they want to avoid losing their license. 

I highly recommend Judy Field out of Beverly MA, she is also licensed in NH.

But you have to check properties out and put in some time and usually some money (for inspections) to properly dig in and know a property.My best advice- when you start relationships with realtors, lenders, title companies, etc- It's important to listen- but not give them so much trust that you take a back seat in the transaction.

To be properly conveyed, the correct paperwork should be filed with the county clerk.  

Be sure and get a proper inspection on that building done by a licensed inspector and accompany him/her through the inspection every step of the way. 

ORDid they foreclose on the proper legal description, and then messed up the legal description on the sale ?

I would contact a local entity attorney and pay a couple hundred dollars to have all your questions answered and everything set up properly. 

Yes Section 8 provides a consistent dependable cash flow, however you must make sure the apartment can pass the Section 8 inspection and sometimes they can vary based on the inspector and you have still screen candidates properly.