I consulted my escrow & title company.

As with any and all legal matters, you should consult a local attorney for advice on this issue.

In the view of many clients working with contractors to them the job is not started if they do not see people working on the project but contractors spend a lot of time talking with architects, running down to their local building department to consult with authorities and knowing about permit requirement etc, and it is true that contractors do spend a lot of time just putting together a take off simply in order to put a bid together, however, unless a client agrees to pay for that bid or estimate its on the contractor to take that on as the cost of doing business and this is one reason so few contractors still offer to provide someone with a free estimate. 

It's always a good idea to consult with a qualified tax advisor to help plan these things, but I don't see a problem with what you've described.

I recently graduated from USC with a Masters degree in Computer Science and started working as a tech consultant in Los Angeles California.

Maybr we should consult a CPA In FL

In the past I've consulted my friend (who is a licensed electrician himself) about the quotes I got, and he said my guy is fair.2.)

I am a industrial design consultant that works from home.  

You are limited to holding no more than the equivalent of two month's rent: CLICK HEREI would also recommend you read a more technical description of how this works, written by an accountant: CLICK HEREI highly recommend you consult an attorney or your state governing board for clarification.

I would suggest that you consult with a local real estate lawyer, who can explain the contract to you so you can complete it properly.