The reason is that the price range you outlined is likely to put you in C or worse areas and those can be very difficult to manage effectively. 

You need to outline your roles and responsibilities of the company that you're forming. 

Outline where you want to be in five years.

I could connect you to some lenders to work with, who can at the very least outline a path for you to get approved in the future. 

Please correct anything I may be overgeneralizing or just out right wrong.I need to get a form that outlines all of the general cost categories so I can begin planning the management of those aspects and of course using that to analyze deals.  

If we don't do something like what I have outlined above, I think we will be stuck here for a very long time, and that is truly disheartening. 

It doesn’t have to be fancy or require a team of lawyers to look it over  just be sure it outlines the facts ,has a date ,and you get signatures  

In the picture below, the property is outlined in blue and the gas station in red.From an environmental standpoint, is this too close?

3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow 

I would suggest a good SOW (Statement of Work) and some form of agreement if you want to get formal that outlines your expectations, like when the contractor can expect to be paid, project timeline to complete specified work.