I would always encourage you to seek out your friendly neighborhood attorney for real legal advice :)

So here's what I've got (as a newbie, I need some solid guidance):1.

It's amazing what it will do for your motivation and momentum when around your peers.For real estate investors in Oklahoma City, we have:1st Wednesday of every month "Coffee with Real Estate Investors"www.coffeewithrealestateinvestors.com1st Thursday of every month Millionaire Possabilities MPREIA www.meetup.com/MPREIA3rd Wednesday of every month Landlord Meetup www.meetup.com/Landlord-Oklahoma-City-Real-Estate-Investing-Meetup3rd Saturday of every month Real Estate Wholesalers Breakfast www.meetup.com/Real-Estate-Wholesaler-Breakfast4th Tuesday of every month OKC Real Estate Wholesalers Network www.meetup.com/Real-Estate-Wholesalers-NetworkFor entrepreneurship & business in Oklahoma City, we have:Every Wednesday morning1 Million Cups OKC www.1millioncups.com/okc2nd Wednesday of every month "Coffee with Entrepreneurs" www.okceg.com/pages/Coffee_with_Entrepreneurs4th Thursday of every month OKC Entrepreneur Group www.OKCEntrepreneurGroup.comMiscMultiple times per month "The Meeting After The Meeting" - Dinner with Entrepreneurs & Real Estate Investors www.meetingafterthemeeting.comI am a local real estate mentor and business coach so if you ever need guidance and accountability I might be a resource to you.

Owner says that it will fetch $900 a month.Asking price is $120,000The owner bought the property for $6,000 in 2001 and he has done significant work on it, but am sure the asking price is negotiable.This will be my first investment property if I decide to go ahead with it.Since this is my first deal, I am out here seeking your input and advise....Is this a good deal? 

No problems with your plans aside from you not seeking passive income.

For more information, seek out a local attorney.

Your PM is not seeking the lowest bid, they are seeking the bid with the guy they like to work with and isn't looking after your bottom line.

Other types may offer SE tax advantages.At the 10 loan limit, most seek portfolio lenders, partners or seller financing in an entity or not.  

Any help or guidance you can offer would be appreciated.

However I thought I would seek outside opinions such as yourself to give me more insight.