Until then, as I understand it, my license would be inactive and basically useless.So with my full time job, working for a brokerage just isn't in the cards for me.

Basically saying only MOTHER NATURE knows what will happen when it comes to flooding and just because a property is in or out of a floodplain or more likely flood map doesn't mean that the property could never flood.

So I'll first lay out the basics of the deal... and then pose my quandary..... that felt like an elegant sentence lol. 2 unit building near major medical/college campus'Last 5 sales on street for similar properties- 350k, 350k, 450k, 405k, 505kARV- we'll say 400kSeller Finance TermsTerm Length-5 years, with option to extend 2 more years at 2% higher, 1st yr int onlyPurchase- 235kDown Payment- 15kNeeds: 85k in rehab-mostly exterior and some cosmetic insideTenants currently pay $950(two bed 1 bath) and $740(two beds one bath)-- The owner doesn't use 3 bed rooms upstairs-- he used them for storage.

@Joe Scaparra  Explained it well, so I'm not going to rehash it, but basically what he said is my viewpoint. 

I really don't know more than the basic safety and mitigation approaches for asbestos, but I would look closely at your tenant's overall situation, how reliable they seem, and if they have a history of causing issues.  

But assuming you're talking about a basic form of owner financing, you really only need a deed  to deed the property to the new buyer. 

To add to the great lists above, here are my choices:Commercial Real Estate Investing for Dummies by Peter Conti & Peter HarrisCommercial Real Estate Investing: A Creative Guide to Successfully Making Money by Dolf de RoosCommercial Real Estate for Beginners: The Basics of Commercial Real Estate Investing by Peter HarrisThe Perfect Investment: Create Enduring Wealth from the Historic Shift to Multifamily Housing by Paul MooreHow to Buy and Sell Apartment Buildings by Eugene E. 

All straight runs are basic, it is the protrusions that leak if not done right.

I would appreciate the homeowner to spend a moment on the phone with me to form a basic connection, and also provide documentation of the dryer leak before I write a check (since our contractor was unable to get an eye on it). 

Basically this is a positive cash flow deal but just barely.