I was told their rent included parking and storage in the basement.

(eg, when login to the app, you can see the deals you entered in the web, and vice versa) It already defaults to including most of these sort of expenses like CapEx and Vacancies.

That's odd; title companies on the west coast give agents/lenders/etc free access, which includes looking up real estate nationwide if it's a nationwide title company. 

It included a clause that said my security deposit from the lease would be applied towards the purchase price, as would XX% of every month's rent payment. 

When I initially spoke to the seller she stated that they were upside down on the mortgage and had out about $30k into the repairs so far including HVAC, electrical, and plumbing.

I became interested in part because my family was in a bad car accident where 2 kids street racing hit us and almost killed the 4 of us including my 5 month old son and 3 year old daughter. 

Make sure it includes pulling permits for all the work.

That's why me email signature includes this line: "Emails sent or received shall not create a binding contract in absence of a fully signed written contract."

@Aaron Johnson1-4 family homes are FHA eligible.FHA limits are based on each county around the country and the owner's ability to pay.FHA includes mortgage insurance for the life of the loan.you can put down as little as 3.5% for a 1-4 family home.there are some allowances for adding closing costs to the loan.

AP is a form of insurance - litigation insurance.So, if you have enough to protect and reason to fear litigation (and it sounds like you have), then you might want to look into asset protection strategies (which includes establishing of LLC).