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I think that figuring out the what and the where are key.  

As many BP members state, the key is in the buy.

Get a Kindle and buy/download What Every Real Estate Investor Needs to Know About Cash Flow And 36 Other Key Financial Measures by Frank Gallinelli 

The contract shall contain at least the following provisions:(1) The full names and then current mailing addresses of all the parties to the contract; (2) The date when the contract was signed by each party; (3) A legal description of the property conveyed; (4) The contract price of the property conveyed; (5) Any charges or fees for services that are includable in the contract separate from the contract price; (6) The amount of the vendee's down payment; (7) The principal balance owed, which is the sum of the items specified in divisions (A)(4) and (5) of this section less the item specified in division (A)(6) of this section; (8) The amount and due date of each installment payment; (9) The interest rate on the unpaid balance and the method of computing the rate; (10) A statement of any encumbrances against the property conveyed; (11) A statement requiring the vendor to deliver a general warranty deed on completion of the contract, or another deed that is available when the vendor is legally unable to deliver a general warranty deed; (12) A provision that the vendor provide evidence of title in accordance with the prevailing custom in the area in which the property is located; (13) A provision that, if the vendor defaults on any mortgage on the property, the vendee can pay on that mortgage and receive credit on the land installment contract; (14) A provision that the vendor shall cause a copy of the contract to be recorded; (15) A requirement that the vendee be responsible for the payment of taxes, assessments, and other charges against the property from the date of the contract, unless agreed to the contrary; (16) A statement of any pending order of any public agency against the property.

One of my key take aways was NEVER to make a blind offer to a motivated seller.... ask me how I know. :( I almost missed out on this deal entirely!!

Those last two words are key also.  

@Jonathan Key  I missed that story but Thank You for bringing this issue to Bigger Pockets where so many REI across America can reflect and respond to this post. 

Remember this is a marathon not a sprint.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Let me know if you have an update on the property soon :) http://www.flipjl.com/why-good-neighbors-are-key-for-first-time-homebuyers/