There is an unfortunate practice now of "appraisal management companies" shopping for appraisers by price, going with the lowest bidder and taking a huge cut of the profits.

That's one of the next steps. 

These simple steps will serve and protect you for years to come.

Screening IMO is the absolute most important step--- think about it like dating, and you are getting ready to marry someone!

Not a perfect method but it gives you the opportunity to network with agents while learning and practicing for that first one.

It runs differently, and, if you are taking other people's money, you had better know exactly what you are doing.I'd recommend stepping up to some formal education. 

I've come to this as my standard practice:1)  Pull all students on the lease jointly and severally liable for to TOTAL amount. 2)  Include a co-signer/financial responsibility form for parents of each student. 

Does it depend on the particular Township/municipality, or is it just standard practice that they don’t report?

If we were to agree to a price, do 0 down with the purchase price at 5% for 5 years with a balloon payment at the end, what are the basic steps I need to take?

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.