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.

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.

If that's the case many times a "short appraisal" (aka "drive by appraisal") can do the trick.

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.

The bank is giving a special warranty deed which basically means they are guaranteeing a title for the time they have had it in ONLY . ( not for the last 40 years prior to them taking it back) I did a lot of searching on my own and it looks good  .....  0 liens on the property .  

The trick is to get to them before they hit the MLS.

-Just Start: Start building my team, network, ask for advice from other investors, make offers and obtain property, self manage, (basically the school of hard knocks) If you have any other suggestions on a different route to take, I am eager to learn.