Challenges included managing the $25,000 in repairs on time and within budget and timing the sale to market conditions.

If it fits within your budget, there's nothing wrong with investing/paying to expedite the process or collapse time.

I requested them if they can lower down their bill to my budget which is amount that I am covered with insurance.

Tesla is building their new semi-truck factory next to their battery factory, Microsoft, Apple and Google are investing millions into data centers.

Lots of things to consider in terms of your overall budget, timeline, general liquidity, etc, but in my opinion, you really can't go wrong either way

Be sure to have proper reserves on the sideline incase rehabs go over budget or timelines get extended.

From my research the template seems to be a packet including: Developer Credentials Personal Statement (Available Upon Request) List of RE Owned Current Property packet with Pro-Forma, Rent Roll, Comps, Budget, Projected Returns - similar to an OM on most CRE packets.This was a good guide, Commercial real estate finance: A basic guide for an effective loan request package - Buffalo Business First (bizjournals.com)Commercial real estate finance: A basic guide for an effective loan request package - Buffalo Business First (bizjournals.com)

I have also realized that I won't be able to find a property in my budget within a few hours of driving distance from where we live.

Your budget or lack of budget will probably have the biggest impact on how you move forward. 

Budget for property condition and maintenance to attract tenants.