I am currently working and saving money for my first real estate investment. I was curious, if you have say an auto loan or maybe some debt in a credit cards. Is it wise to have all that paid off before investing in r...

Not to be rude but are you looking to loose money on purpose for tax benefits of some sorts? 

I would like to accept his offer, but want to be sure I’m not being led into a scam of sorts. 

I know it's sort of isolated but was wondering if anybody has any input on the area. 

Or being part of a larger project?

What are the property prices like in your market and do you have experience managing them (or are you looking for a larger property and outsourcing the management?)

In my area this loop hole works if the attic is only for storage. the space can't be counted as square footage or used for any sort of rental space. 

The whole reason a Net Listing is illegal in most states is because it allows for an unethical agent to abuse a seller by “low balling” the supposed value (their Net price) of the property to the owner, to make a larger commission, which goes against the principle of representing the best interest of the seller.The seller is paying a commission from a not predetermined price.  

@Thomas D. if I understand correctly, you and your uncle are going to form a conspiracy to falsely inflate the value of your properties for the purpose of taking loans from a bank in amounts larger that would be allowed if not for the artificial inflation.  

If it’s being purchased as an investment you would generally be looking at a higher interest rate, shorter loan terms and larger minimum down payment.