Interesting story, codegeek. I'm curious as to what type of business you bought, and how you discovered it. A website of businesses for sale? Is it in your same field which I assume is coding?
Yes, my field which is tech (duh!!). I am actually an addict when it comes to sites like flippa, feinternational etc. Both are mostly useless but every once in a while, you get a real gem there. I found one. It was funny because I was accidentally browsing flippa that day (labor day weekend and I had to stay home which was not the plan originally). I liked what the seller described and the way the seller described it. It seemed genuine and was a real product business. So I got up, spoke to my wife (you def. want that blessing :)) and then said, can we do this ? I was like "hell an MBA will cost me more than this and what is the worst that can happen?". I lose the money but I learn doing something real that I want to do. So I saw it as a win-win situation and went for it. In hindsight, it was the best decision of my life. Survivorship bias may be, but who cares.
No specific information but I have written a blog post on this topic and some general guidelines that I followed. Feel free to read the post (linked in my profile)