If you're an accredited investor preparing to send six figures out to something you haven't bothered to fully understand, you can afford to run it by a fee only CFP (financial planner) to get some professional advice that fits your specific situation. 

But realize that there's time involved to prepare plans for city submittal - that can be anywhere from an hour to a couple of days, depending on the complexity of the project.I usually eat the cost of contractor licensing for retail clients, but I might pass it on to an investor client.

Last piece of advice for when you are prepared to raise capital for your own projects is to be able to articulate clearly your competitive edge and what makes you different from other GP's who are raising capital for similar projects.

Hello,I am getting all my property management documents and software in order before I buy my first rental property so that when I buy it will be a smooth transition, Beside the lease and application, what other documents should I have in my files so that i am prepared (pet agreement, inspection checklist etc.) .

Having raised a lot of people's rents over the years just be prepared for them to retaliate with a bunch of service requests that could eliminate any profit

Who can prepare these documents?

If you have one - you need to let the property manager handle it or be prepared to spend a lot of time on nuisance calls -  ants, toilets, etc.  

Be prepared to have to document at least 12 months of on-time rent payments.

Fortunately we had the financial position to be able to "leave them at the alter" and go a different direction, however most consumers may not be as fortunate or prepared.

I'm prepared to walk away if it just doesn't make sense anymore but feel as though I could use the advice of more seasoned investors on this.