One thing you seriously have to consider is whether the turnover/vacancy involved would have a big impact on your bottom line - for example does your property manager take 1/2 a month rent to find a new renter, how much would you spend in cleaning/paint/carpet/etc between tenants and if it is a cheaper property in the area, are your tenants going to maintain the property well? 

Even though your payment will be higher you can do this for a shorter period of time than the 400$ payments but of coarse you may not cash flow any at that point which really sucks .personally  I don’t think this is even a good deal to be wasting time and money on given the risk involved .

If anyone does want to buy it as an investment, I live down the street and can keep an eye on it for you! 

If financing was involved, a mtg would be recorded shortly after the deed, usually recorded back to back, on the property, under the buyer’s name.

I'm hesitant to talk with a local realtor, because I don't want them contacting the owner and trying to get involved in this off-market deal. 

It will need some work but from my inexperienced eyes, it would BRRR. 

I need guidance with regards to the process involved after the necessary due diligence on the land is done and agreed on a price with the seller. 

I was hoping to get a few other sets of eyes on here and point out what I may be doing wrong/get some feedback.  

I am listening and reading everyday but want to get involved what is a good step besides looking on MLS and working with a Realtor to look at properties?

Smartest move was hiring a local attorney who knew all the folks at the title company, as well as others involved.