It's like any other real estate purchase. You will have to pay cash, it will have to have a clean title, there would be a typical closing with an attorney etc. Once you own the home, you will more than likely need to do extensive repairs, such as HVAC, missing plumbing/pipes, updates, paint, ect. Since there is no mortgage, you will need to pay the property insuance and property taxes as they come due. Does that answer your question?