The state of maryland has the legal description of the property as "chrch exe" but it was owned by individuals prior to the church so I don't believe there are any zoning issues (but I will look into that before making a final deal).

You just need to find the one that you are most comfortable with.On a final note-  I agree with @Patricia SteinerYou don't seem to be in a good position to be putting bids on properties that you can not complete the transaction on. 

Your numbers work out to a final Cap Rate of 5.8%.

We let them know that we would be giving them a fine for future infractions, and ended up giving them two fines (for $25 each) for not picking up after their dogs. 

Also any ideas on documentation required to cover all parties"First, HAVE AN ATTY REVIEW YOUR SITUATION AND DRAFT AN AGREEMENT THAT PROTECTS YOU.Determine if you want to be an equity guy (i.e. get a share of the profits) or lenders (loan them money like a mortgage since this will be at a higher rate).Biggest risks in these deals are usually:1) Getting contractors that bill you way more than their quote (sometimes justified and sometimes not)2) Soft costs especially if the project doesn't fit the city planner's "envelope" and you need some permissions3) Getting subs to show up on time4) Taking way too long to get a final and then the market gets soft (you may have to rent instead of sell).

I'm hoping to have a final cash flow of about $200 or so per month.

@Javen HarrisI'm a high school math teacher with a finance concentration. 

As far as I can remember (and I could definitely be wrong on this), investing at 15% will build cashflow more quickly than paying off 3%.I'm a high school math teacher (but a finance concentration), so when we were covering exponential growth I did an example where you buy one house and pay it off and added appreciation vs. buying several houses and borrowing against them  to buy more houses with the same appreciation.  

Here are some key things that I would look for and avoid in any turn key company: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value) Don't allow for your own independent property inspection Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors) Require you to pay for any renovation upfront Sell only in cheap. low end neighborhoods Don't accurately represent the neighborhood/property classification Don't have consistent rehab standards for all properties Don't provide a scope of work for the property Can't provide references of repeat investors Require you to close before a tenant is in place

In the meantime, you could continue to try to get more practical real estate experience.On a final note, I would say that you should ask yourself what you are passionate about and what you can see yourself doing for the next 30 years or so.