You sign the contract, their is often an escrow account set up to mintor payments,  The escrow holds a quitclaim deed from you to the sellers, and a Warranty deed from the Sellers to you. 

Be prepared for seller to stall, send outdated, inaccurate data and goose-chasing. my due diligence shortlist includes but not limited to- seller's Schedule E of 1040, copies of operating income statements for previous 2 years, rent roll, lease agreements, insurance binders, utility invoices, vendor service contracts, warranties, old inspections, survey.

I’ve always worked in seasonal W2 jobs and supplemented with independent contract work, not something a bank wants to see.  

We are approaching the level of savings where we feel comfortable investing in our first property, an owner occupied multi-family property, where we can begin our real estate investing and, hopefully, grow primarily as low to mid level rental owners to the point where we can purchase a dream home in 15-20 years, as well as have a good set of rentals to supplement our retirement incomes 15-20 years beyond that (we're on the younger side, if you can't tell by the timeline). 

There I quesstion for Detroit, MI investor out there tooHere the information:SANTA ROSA DRKENTUCKY STDetroit, MiCounty: WayneLeased: $1225 / monthProperty Taxes: $2115 annuallyWater/Sewage: City Utilities: Tenant pays County: Wayne Deed type: Warranty Title: Free & clearHome Warranty is Included for one year!

But by leasing, you will never have a car that is out of warranty.  

We owe $110K and could probably sell it for at least $155K if the DFW market stays strong.Selling = $35,000 after making repairs and realtor feesRental = $1400-$1,500/mo (I am pretty confident that this is a conservative amount after months of stalking craigslist and MLS) with entire payment of mortgage, taxes, insurance of $1080Cons: The house has had recurrent foundation troubles (we paid $17,000 to fix it with a lifetime transferrable warranty, though), trashy next-door neighbors (they are really bad), and is not in a good school district.

I do not do CL.For used appliances I use stores, one is strictly used, reconditioned with 1 year warranty.

As far as the HVAC and such you may look into home warranty plans that cover that sort of thing I would assume you could get a home warranty plan on a quad for less than $1k/year.

If they did, you could be on shaky ground, especially if you said the appliances were there and had no warranty.