A large ticket item could eat up the cash flow for years out.  

Paying off the notes, working to pre-emptively make repairs to capex items before they fail or become a major issue think roof, HVAC, and foundation.

I think you will definitely want to talk to your lawyer because there may be items linked to this transaction you are not considering. 

While sophistication of your equity partners (private money lenders) will vary between residential and commercial, the principle of raising private capital is the same.You need to develop your own system which allows a constant stream of PML even when you don't need the funds and/or don't have an active deal under contract.For example; I raise private capital by offering free educational workshops for people with self-directed IRAs.

I'm wondering how much specifics I need to include for each line item. 

If you still want to rent out your other bedroom you can have a tenant in the opposite side AND a roommate which would give you two income streams.

One your loans will be a higher interest rate, next you will have annual filings, the cost of a registered agent every year, and items like that. 

I have expierence in new construction, that's not a problem.Here is elaboration on the last 2 items:2.

Some townships will require certain items, like an escape window if below grade or a walkout to be installed.

On June 7th, we sent an itemized list of deductions via text; he responded on June 8th, disagreeing and threatening legal action.