If you're new to this, partnering with a trusted contractor can make a big difference in ensuring you're covering all the necessary costs.

Should I present the expenses to all three tenants and ask them to cover the charges?

Most mastermind courses don't cover this, and even the "capital raising" specific ones don't do much of real value here.  

Only mortgages as debts which are covered by rents.

Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.

If the work is not 100% complete by the end of the Escrow period, may implement a .50% (on total loan balance) extension fee that will cover an additional construction term of 60 days.

Hi Kevin,I have a couple of rentals in Fredericksburg and I allow pets (charging a pet deposit and monthly pet rent to cover damages and wear and tear).

Down payment on FHA is 3.5% so you’re not wrong there and safe to assume another 2-4% for closing costs BUT you can negotiate seller assist to cover bulk of the fees if not all.

You’ll want to make sure the rental income comfortably covers the new mortgage, taxes, insurance, and any maintenance costs.

Just started the free trial of Rentalhero and it looks like it will be able to cover everything I need for my 2 small MF properties.