That's interesting @Adam Windham as one of our portfolio lenders also uses my projections based on market reviews.

The Bayfront project and University make West Chula Vista interesting.

For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.How should I write up the lease agreement as far as collecting the rents?

And then of course you have the 27 Boise Cascade projects that were built in CA  with thousands of lots in each one..

All this fancy mumbo fha guideline gumbo means is that your projected market rents assuming all units, if it were rented Times 75% need to be greater than what your monthly payment is  (PITIA = principal/interest/taxes/insurance/assessments monthly), other wise FHA will not lend at that loan amount so common solutions to this when rents are too low in your local market are to put more money down payment which defeats the whole purpose of low 3.5% down FHA doesnt it?

They then use their new knowledge and skills to take on bigger projects which they then BRRRR to scale more aggressively.I don't know a lot about North Carolina but I know there's investors there seeing great success. 

In the end it's my responsibility to forecast any big projects that may happen in the next few years and make sure I'm covered for those.

In that case, you'll strongly want to consider what putting personal-use property inside of an otherwise business-use LLC would do to the liability shield, as well as insurance and tax reporting.There are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

What's not going to happen is your going to get good long term pm done for you in rough areas with no other incentives like they are making money more on project management of the renovations. 

1) Don't fall into analysis paralysis, theres a ton of ways to invest in Real Estate, pick one and go.2) Take action.