Yes get a LLC or a partnership formed defining who gets what percentages.

All while this is happening we all thought we contribute a certain percentage of our checks and put it into our 1st investment.

When crunching the numbers all I seem to see people using are percentages.

Your car and phone are used for both personal and business then you can only take a percentage for the LLC. 

3) Is there a usual or standard amount/percentage for the Option Fee, rent credits, and any other fees/charges?

@Josh CooperThis might not be true across the board but most turnkey properties aren’t usually in areas known for appreciationThey are many times in neighborhoods with a high percentage of renters versus homeowners .

If so, is there a percentage others are using?  

I'll use an example with similar numbers because I want to truly understand the reasoning here:On the high end, the interest rate would sit around 5.75%, at the cost of -.125 points (ultimately resulting in a lender credit of $164) and a P&I of $766 per month ... on the low end, the interest rate would be 5.375% at the cost of 1 point (around $1300) with P&I of $735 per month.Given that info, this is to say that if I planned on holding onto this property more than 42 months (that's $766-$735= $31 per month... then $1300/$31=41.94 months), then it would make financial sense to pay down the percentage rate up front at 1 point because beyond 42 months, I'd be saving money every month...

The percentage will depend on the condition of the home and when you anticipate the next big ticket item will come up.

Just look at the going rental rates (from the time we purchased) and subtract the amount that corresponds to the percentage ownership we hold?