Basically, if you can get leads, and then present it to a successful wholesaler, he/she may go 50/50 with you On the deal.

You can google first time buyer they usually have free sessions that go over basics. 

Adjustable Rate Mortgage (ARM) - There are a lot of different varieties of these, but the basic idea is similar to a conventional loan, however your rate is not locked in for 15 or 30 years and it will reset, usually after 5 years.  

Our plan is on a basic spreadsheet.

Start with basic accounting fundamentals.

I wouldn't want to be a tenant of a landlord so in need of every last penny that they would skip what I would consider a basic run-through of the unit before putting it back on the market.

The credit line allows 3 years of interest only payments and as much on principle as I wish.

Mortgages are typically assumable...and it sounds like this is what the seller wants- you basically meet the banks credit standards and assume the loan.A wrap is the origination of a new loan that encompass the existing loan...Bottom line, this is not really seller financing: Seller financing (in a best case scenario) is when the property is free from liens and the seller creates a note and mortgage: i.e. they become the lender.

one mistake I realized, when I subtracted my principle and interest from my total mortgage payment, taxes and insurance run closer to $400I also had it pointed out, that having insurance for a rental is less than a primary residenceI think I'm more curious on my estimates for repairs and cap ex.

its a pretty typical REO Transaction, I was a Listing Broker for Fannie for years, the process has changed a bit, but the basics have not, dont send them an offer of 50% of list an expect them to accept, just not gona happen (in most cases) the closing can be slow, but most REO's are, and be sure the title company gets a special assessment letter, its often missed.