When doing real estate, it is vital to use people who are in the market of your need ( i.e. real estate = real estate attorney / taxes = real estate tax professional).

I also spoke to a few contractors that said that I don't need the city involved as i'm not adding anything to the building just making modifications. 

Thanks those are good points, I have been doing a lot of research into costs of certain properties as this is vital for how much I can bring home each month.

The owner was in foreclosure but I helped the owner through the modification and now finally approved and modification papers signed.

This is vital.  

One thing I want to do is make up a "packet" with pictures of the property and the vital numbers.

You need to make this the most vital stage of your process because having good/bad tenants makes all the difference.Additionally, if a tenant damages your unit you should not make them pay (because they won't).

However, I noticed that the price to rent is comparable to the fixed monthly costs (mortgage, taxes, insurance, condo fee) if I were to purchase a place, and I would have control over making modifications to suit my needs.

That piece of information is so vital in helping me make the decision about selling vs exchanging.

I hear you @Kristen SnyderSetting goals is absolutely vital to achieving anything.