If you have terms outlining the closing date on a fully executed contract, then yes, they should be enforceable.

Depending on how the owner financing was originally structured, the buyer will get title to the property for the first time or the seller will execute a Satisfaction of Mortgage indicating the mortgage has been paid in full and releasing the lien on the property.Read this article for detailed information https://www.forbes.com/advisor...All the best!

Estimate today's cost to replace that element (should be easy if new construction, more difficult to develop an accurate number for an older property, but absolutely do-able ), divide by number of years expected life, set aside that much each year until item is actually scheduled for replacement, adjusting the "remaining life" annually for accelerated deterioration or prolonged life due to well planned and executed preventative maintenance.

Currently, I am setting up my strategies to run numbers/deals/processes so that I can build connection with other motivated individuals looking to execute good deals & close my first deal very soon!

On a contract for deed no deed is recorded, or even executed.  

I understand that the new property needs to be identified within 45 days and fully executed by 180-days of sale of the initial property. 

On top of all that if your number work, I would start concentrating on executing your plan to earn income from the property. 

Meaning buy under market value, buy in the right location, and buy in an area where you can execute a plan B or plan C in the event plan A does not pan out.

I am a new investor and really want to ensure I know what I would be getting myself into if I were to execute this? 

Seller executed a price drop of 5.7%; after fourteen DOM.