There are programs that will lend around 70-75% of the purchase price + any documented repairs but it can be a bit of a gamble if the purchase price + documented repairs will come back at the ARV. 

It also came with good documents to use.

We've called multiple times since to make sure we've submitted all the documentation. 

How would I account for ($/hr) and document my time spent on the project.

Do I need to give the tenant any documentations?

Perhaps the best resource I could recommend is checking out @Brandon Turner's Book on Managing Rental property.The appendix has over 20 valuable documents for landlords including an 11-page standard lease.

They document and transfer the funds from closing to closing so you do not have receipt of the funds.

Hey @Rashmi Chanduraj, have you signed any documents stating that the sellers agent will represent you?

Check my post history.

Do I record this document?