Hi @Adam WorthNote I'm not an expert negotiator but have been doing sales for a while now and since I'm still very young I'm noticing that the results you seek out of life comes down to how well you negotiate lol from buying a car, going on a date to everything (at least my experience lol) But this in one of the reasons I truly love Real Estate there's so much information out there for your disposal that you can justify the offer your going to make regardless the amount.Since he's your neighbor don't feel like you're going to insult him because you just never know what that person is going trough in closed doors a ridiculous offer just might make his day especially if he can't financially keep up with it or it's stressing the person out.Regardless just be prepared with facts baking up the offer your making, you can do this buy talking to a Realtor to get a CMA to see what has sold and get a ARV since his home is similar to yours, since you mentioned he overpaid this tells you that he might be underwater or have no equity this gives you an opportunity to ether lease option or some type of seller financing.

The attorney usually handles the closing, transfer of funds, putting on record, prepare HUD etc.

Any other steps you would recommend in getting prepared for that first deal?

You should also be prepared to produce an earnest money check. 

This particular storefront will be an incubator for creatives.

This seller is flexible and open for creativity. 

It lets my creative side out.  

Each year, after I purchase a property, I have to re-look up how to treat the various items from the HUD-1 (closing statement) when preparing my Schedule E.

The other way is to do creative financing but that would require some more digging and finding a motivated seller. 

I figure with that luxury this could be a win win for me.I know I am not fully prepared at this time to make that commitment (Education wise) so if anyone can send me some feedback on the steps I will need to take considering I will be only 18 with no credit, and where I might want to change things or a better way to go about this I would really appreciate it !