I dont have a ton saved up (we are aggressively paying down debt and on a budget) so I wanted to use this method to acquire my first rental property. 

I have done some reasearch into South Memphis, TN and I am looking for investors that want to get involved in this area!

Not only do I not know where to start, I’m feeling a bit overwhelmed by everything involved.

I ran across this story and am racking my brain on how I can make this a win-win deal for everyone involved.

Best to ask your loan officer because there are so many ifs, and but whens involved in qualification guidelines.Not sure why your relative doesn't want to disclose the terms (tax liability?)

@Deren Huang is one who's highly involved in Tulsa area, and also is an investor himself, if he can't help you, he can definitely recommend someone.As far as signing, no, they should be able to set up a "remote closing" for you to sign locally to you. 

What you say are some of the great things to weigh; is the cost of the 1st month's rent worth freeing up my time of screening tenants, doing showings, and anything else involved in the placement process?

Growing up my parents had a few rentals so I had some background, but my involvement mostly consisted of helping to clean, paint, repair, etc. to get the house ready for a new tenant. 

We didn't look at condos recently because of the high fees and risk involved but we do own condos in Wisconsin that do well.

All of the third party providers involved in the transaction have the responsibility of making known any part of the transaction that has been misrepresented once the misrepresentation becomes known to them.