Investing in real estate can definitely build long term wealth.

There are some very strong opinions on both sides with regard to Turnkey, and there are definitely some scammers out there (read any thread about Morris Invest for reference).

We should definitely stay connected!

I am not sure if the owner purchased title insurance, but I will definitely ask.

I definitely recommend what Benjamin said about House hacking.

Depends on your definition of "in decent shape" really... for some that's a home that needs $5,000, for others that's $50,000.

I've been weighing putting hanging/track barn doors on the opening to the living room to provide some definition but am not married to the idea.Bottom line is that I'm trying to market around the design flaws because we don't have the budget to heavily redesign.Would also appreciate ideas for exterior trim color and color for the interior pantry cabinets.

I will definitely as you all for your opinions as I go along. 

Down the road, I definitely want to refinance the house to a conventional loan.

I can give you more numbers if you would like (but the numbers make enough sense to us and we like the deal pretty good) BUT, I have never done a seller financed deal before and I definitely have never done a deal of $1.4M.