3) Is there an official IRS form where these hours are documented, or would an excel file suffice ?

Also Lets Say i take out the 155.000$ Loan and never pay it would it be like selling my house where the lender keeps my house as collateral for non payment Or do i loose my House and have to pay back the lender155,000$ that i barrowed? 

Is it a market like much of the country where prices might be 5-10% higher in April?

I found an area where I can invest in and I'm starting to build connections already so far I think my current plan makes sense.

If you have an awesome job and love living where you are, there is no shame in staying put! 

I've got a great resource you can download with the lists (check my profile) on where to market your MTR. 

You could do General Contracting where you'd need knowledge of all trades or manage a team of one single trade. 

Consider the lost opportunity cost if you did not close on this property, regardless where your numbers could be at.

BUT The points they charge and interest are both way higher than normal, on some deals I ran numbers the points and interest were going to be 20k on properties where the ARV is 100k so you have to get properties at such a low price to make it work that it is so hard.

Where in your post did you pressure anyone to buy something?