I have been on New Western's deal list as well as another bigger local company and everytime I underwrite these deals there is very very minimal left on the bone let alone contingency funds for going over budget on the flip...

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I won't be able to make the cottage legal rental without living in the primary home myself.

With your experience and possible skillset, perhaps finding a company to sponsor you for a green card may be a better option? 

Plus the macroeconomics are on fire with job growth, population growth, and companies moving/developing here.

@Rami Refaeli I am on the Fort Worth side of the metroplex but the company I work for is based in North Dallas.

I'm a real estate investor specializing in STR properties, a realtor, and I own a construction company.

You can legally change or cancel a contract if all parties agree. 

If you don’t, maybe work with or for an existing company first for awhile?