It depends on who you're hiring but that seems fairly standard.  

A monthly fee (typically around $5-20/mo) is added on to the payment.

I have done it successfully on my last 2 buildouts, maybe 3, but only because I was able to acquire the properties at a very low price and I did all the work in-house (myself and some hired hands on staff).

Based on the design, I would go with sororities if possible.

Not really sure how to go about financing but we're planning on having a down payment at or slightly above $100,000 and don't want to pay more than $3100ish per month. 

I recently signed up for BP and found the calculators on this site to be very helpful.  

@Chinku Chinku the rich get rich by making their money work for them.They borrow at one rate, to invest in something that returns a higher rate - they profit on the difference.Only you can evaluate your risk tolerence though.

Depends on if you have panels, crazy layouts, etc.

@Alan Mills You mention contractors not keeping a time line , not General Contractor . 

One tenant is behind on rent and has still not paid December rent.I’m seeing mixed things online but looks like I have to file something by the 31st?