Once this is established and we have built up another downpayment, we hope to continue investing in buy and hold properties.Any sage advice for newbies?

Do not be misguiding by other investors that say "why pay a commission"Your paying for an expert no matter how much you think you know we're apart of a regulated industry and a lot of information is available to us not you.

When they screen them they ask identifying information, and then a few basic questions to try and establish motivation from the seller, and find out the equity in the property. 

Some states regulate this.  

This option would allow the tenant to be able to establish ownership, so in the future, they would be refinancing the property instead of purchasing it.  

With Dodd Frank there has been a lot of regulation added onto to working notes etc. which in my mind makes them less desirable to invest in.Also unless you are in their paid program then they will help with forms and the process.

If you really pause to understand that idea, each part of the industry has it's own set of regulations and requirements so you have mortgage files, you have title files, you have appraiser files and then you have concerns from each on how you are actually intergrating (or not, as mortgage and appraisal could not co-mingle).

I personally think that you should be able to charge them, but people should recognize why regulations come to exist.

I hadn't really established whether I wanted to flip the house or wholesale it out but I do see pretty good profit potential in it. 

I would really consider an investor that is will to do a bit of mentoring as well to assist me in getting established and in return would be able to make profits off of our relationship.I'm asking the forum because I am limited to available time with regards to face to face networking.