Ultimately, the unstable income became too much and I went back to work for "the man".My wife works for a large health insurance company, and I work for a larger electrical contractor.

I had just finished reading a post that was linked to the ultimate guide to real estate investing ( http://www.biggerpockets.com/renewsblog/2009/03/18... ).

He is not motivated to sell, but it seems he could be persuaded to go with seller financing...so, do I explain:I will take possession of the property by transferring the title into my name.You will retain ultimate ownership of the property and have the ability to foreclose should there be any non-payment issues.I will pay you a monthly loan payment of X Dollars every month for the next X Years.And if this is correct so far, how do I explain the terms?

I apologize if question lackks clarity but ultimately I'm just asking for tips on where to go from here.

Hello to the BP community.I am a new investor in the West Palm Beach area.I have been on BP for a couple weeks now pouring threw the forums, listening to the podcast and also reading the ultimate beginner's guide.

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I would save up and invest every dime possible with the ultimate aim to use the money to buy rental properties when I return.  

If you decide to rent the property for a while, once you move out of the property and convert the property into rental/investment property, you will have a three (3) year window in which to ultimately sell the property and still qualify for and take advantage of the 121 Exclusion. 

I would recommend checking out both The Ultimate Beginner's Guide to Real Estate Investing and listening to The BiggerPockets Podcast.