I knew this would happen but I didn’t prepare for it.

Other than my wife and I checking in on our GCs, what type of work load should we be prepared for in this phase?

You'll get the right person, just be prepared to show it a LOT.Both mine were total rehabs - and they showed great.

Or do I find the potential deal, run the comps and prepare what I plan to offer, then approach the HML with the proposal, get a letter of intent from the HML (if they like the deal), and then put in my offer to the seller?

I was just never cognizant of how they were picked up and did not prepare. 

Be prepared to give them good details on what exactly you want done.You know the scope of work better than me.When it comes down to thumb in the wind estimates you can find national averages for almost any type of rehab work.

I have been a bit overwhelmed dealing with this property, as it is my first time and I am the sort of person to get pretty fixated on details.I have  a lot of experience preparing scopes of work, having worked many years for big firms specializing in things like military construction.

If my plan is to buy and hold, I need to be prepared to pay off the note if it comes due. 

And then follow through and make sure you are prepared for various contingencies.I'd bet a judge would understand if it comes to that.It won't likely come to that unless your tenant is spiteful, duplicitous, and creative when it comes to the law.This is not legal advice....

@Harrison Krause for sure post after you have it under contract not before, I don't have any book recommendations for you, just be prepared for wholesaling to be a lot of squeeze for only a little bit of juice.