Lastly, form a strong team to include lenders, title, contractors, and a knowledgeable realtor. 

Finding a solid Realtor, property manager, contractor, and lender is your first step!

Quote from @John Mason: @AlanGreat , I will have the network in a  few months so will look at itIDK what state your in, but it may be to your advantage to see all of the requirements and law surrounding contractors and contracts.

At this stage, your focus should be putting as much money as possible into your first deal, rather than on accountants, lawyers, or consultants.Hiring a CPA can wait until you’re further along—either when you’ve got something under contract or need help with entity setup or tax planning.

Thank you Ned, that is exactly right, we actually check a condo/townhouse about 2 weeks ago, the thing was a condo with a basement, I cannot tell if it was a condo or townhome, anyway, the ceiling in the first floor was bowing, the 2nd floor, one of the bedroom was sinking, could not tell how this damage was done but the walls came apart from the floor, you could see the roof of the unit bowing inwards towards the structure a bit, and their "general contractor" estimate that for 5k they could straighten the property and level everything, even 1 window and 1 door looked so uneven that you would think  there was something wrong with your eyes...5k for structural damage, good luck with that one, we ran as far as we could from that....but we have seen they do inflate their ARV, since we learned the hard way , we go through these deals with a magnifying glass, I knew I was not so picky, numbers do not lie.Another thing that caught my attention, which I do not know if I am overly suspicious now that I am older, but they want to get the closing for us at the same time/day they are getting the property from whoever they buying it, which it seems to me they try to save on the closing by having a "dual" closing when in reality is just 1 closing and we are the one paying for it...I do not know there are few things that do not click right with this folks.

I'll take a look at the CMHA checklist.for now looks like I'm doing everything you said already in the scope of work with my contractor, so I'm happy :) If you have any other tips i would love to hear,And thanks again!

Are you trying to assign the contract or do a double closing?  

Have you talked to contractors about the cost to build? 

Being able to introspect about yourself and use other people's advice from their life experiences is super tricky.I heard Brandon Turner repeatedly say not to build multiple bridges at once, and that is EXACTLY what I did (tried to wholesale, broker, contractor, flip, etc.) and had to learn for myself. 

You spend 100 hours, and nobody else (contractors, cleaners, property managers) spend more hours than you doThe hours have to be documented, and they have to be actual work specific to STRs.