But I'm definitely not going to rush into this ;)@Wayne Brooks I agree that I can't expect for existing owners to wait for months of what-if's from the county building/zoning/permitting department to fully approve my project before completing the lot purchase, but I'll definitely need 15-30 days just to get a proper site assessment to determine build feasibility and basic initial response from whomever I can speak to in person at the county regarding my design intentions.  

In reverse order:3 - Clouds on title - Moot issue for a properly recorded instrument since the issue will have superior lien status.  

A good thing to do is write down your goals a work backwards to see where you need to start.Yes you will have MLS access once you get your license and that is a huge benefit if you use it properly.

At this time I feel a proper first investment would be a buy and hold multi-family which would also serve as my primary residence.

What is the proper spelling for multi-family?

That could include being too scared to take the first step, not properly checking out prospective tenants, not asking someone (mortgage broker, contractor etc) for what you want.Anyone with a decent brain and good common sense can read the forums here, follow through and make some great money,,most won't because they are either too afraid to actually make a commitment, or not willing to do the things to put them in  position to make the first step (such as saving for a down payment on first rental)andy

You need someone to properly prepare the deed and you need to look at a title report to understand what you are taking over.Don't do this deal unless you have the ability to pay off the loan with cash or refinance if the lender should call it due.  

There is zero information about how the borrower was qualified for this agreement (loan), so we can not properly judge if the risk to interest idea is proper, above or below what it should be.   

But proper procedure at that point is, the buyer should request the seller fix every thing in the inspection report and the seller should provide proof (pics/video/reinspection) that all repairs are completed, prior to closing.

However, when those terms are up  if you do not want to keep her give her proper notice.