I've spent the past couple months educating myself by reading books and listening to most of the podcasts on this forum but feel that having some guidance on making the first purchase would be beneficial.If anyone has any recommendations, I would greatly appreciate it. 

Also, always proof-read all your communications.

I've read through the contract and will summarize here with simplified numbers (not the actual numbers) what I believe the contract says and follow up with some questions for you more knowledgeable members:1) Purchase Price: $100k2) Initial Down Payment: $10K3) Buyer pays seller monthly payments based on 30 year amort of 90k at 5% which is $484/month4) Remaining principal balance to be paid off on the defined Closing Date (roughly 2 years from now)5) Buyer pays taxes and insurance6) Buyer to provide Seller a Loan Commitment from a Lender on or before the Closing Date7) Seller will transfer Deed when Buyer pays full Purchase Price8) Buyer will pay the Seller's existing monthly mortgage payment that exists on the property, which is $100/month, directly to the bank.

Everything in REI is still new to us, but we have been doing tons of reading and researching on BP. 

I heard or read some really good advice on here which was to tell your tenants you are a property manager and don't actually own the property.

From what I have read and learned, it is not an easy task but for me seems to be one of the more self-fulfilling opportunities I could pursue.

Thank you for reading, and I look forward to connecting with members in the future.        

I read a forum of a guy claiming to do the same as I'm proposing and managed .77 sq ft.

Any tips?  

I have been reading a lot and listening to tons of podcasts.