For Sale by Owner Questions

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My husband are new to the game and have an opportunity to buy a neighbors house at a low cost. Question is: With a FSBO property who is required to provide the contract and paperwork? Also who is responsible or typically pays those fees? The FSBO is an elderly couple that is acting as if they are new to this as well. Want to be sure we are making the right moves. This will be from our HELOC, needs updated but solid foundation, new roof, new AC and furnace. Tentatively 900-1200 rent on a 60k purchase. Thanks for all your advice, we have learned so much already from the forums! Keep em coming!