Also, we both have excellent credit  (700 for my wife and 791 for me)How do we write up the offer in a way that is fair and beneficial to the seller/owner as well as in a way that makes financial sense for us as new investors?

Here is some more info on the Fox Valley REIA:http://foxvalleyreia.com/I'm pretty new to the game myself but have found the meetings to be very beneficial. 

My goals are this point are to absorb as much information as possible, network and build mutually beneficial relationships.

I got into the mutual fund and insurance business and earned enough so my wife didn't have to teach, and I could be home whenever my son (and later my other kids) needed me.

If a mortgage company does contact you and indicate that they may raise a claim against the quiet title litigation, lay out your arguments as to why it wouldn't be financially beneficial for them.

The impact of the taxation should be minimal relative to the leveraged increase in return for the IRA dollars deployed.You will definitely, absolutely want to seek the counsel of a CPA and/or attorney familiar with IRA rules and UDFI tax implications before proceeding.This type of deal is, while not common, frequently entered into, and can be beneficial for both parties.Good luck.

As of January 1st this year, Liberty Mutual has lifted the moratorium on issuing new policies for investment property in Louisiana (in place since Katrina). 

I really don't have a huge marketing budget right now, so I figured if I created the list myself (did it through ListSource) and shopped around for the best price on someone to mail out the pieces for me then that would be beneficial (@Tim Leslie here on BP has done a great job so far :-).

Because of this, the house you flipped is actually considered inventory and the profits are subject to your ordinary tax rates rather than the more beneficial capital gains tax rates.There could be a way around this, but you will need to work with a competent real estate CPA.Let me know if you have any questions. 

Feel free to connect if I can help, or you have something mutually beneficial.