As others have mentioned, there are prohibited transaction rules that are important to understand.

Also a great first step to understanding the responsibilities of home ownership. 

What is the going interest rate (understand it is negotiable but is it usually above conventional rate or below?)

Once you have your basic contracts and understand how to use them the next thing you are likely to need is a title company.

Not sure I understand this Q, so I apologize if I'm making assumptions.

I want to go this route, but I don't really understand how this scenario will be handled by the HML.Thanks for your insights!

We understand that real-estate is a US situs asset so it is subject to US gift tax.

This is my first property purchase and I am nervous about trusting this seller without understanding this more.

You'll see the RE business inside and out and have a good understanding of how things actually work besides the open house cookies and glitz and glam of the paychecks, and surprisingly, that helps more on the RE tests than most of the classes/studying (although all of that is really important too). 

I'm brought to this screen but I need help understanding this.