They did not outline a date and all the details.The real impact is still unknown  There will be winners and losers.  

This gives me an outline to start researching neighborhoods and i will definitely reach out to Tony as well.

It’s your first deal so maybe you won’t be motivated to do this but having the seller bring equity in form of the land, a developer/investor interested in the area and carries the construction financing, you really only bring them together (whatever that is worth to an investor) or some sort of partnership with the seller that outlines duties and recompense.

Include in this report is a reserve study, which outlines the required repairs an expenses for the next 10 years.  

If tenant has been breaking rules outlined in the lease agreement then they don't have to give that notice.https://docs.legis.wisconsin.gov/statutes/statutes/704/19

You will need to do a cash out line of credit or a cash out refinance.

I'd like to present them with a form that would outline the details/payments etc.

This is as much an interview for them as it is for you.Compiling the information that @Caleb Jordan outlined is key, you'll also want to prepare questions to ask them.

.;  I think you're missing the part that I have bolded which should cover you in the scenario you outlined.

I have the outline of a plan in place and would love to hear some feedback from the people in these forums who have the experience, and started where I'm at now.