You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

And working for a contractor that does flips or rentals would be ideal.

My main goal with BiggerPockets is to connect with other investors and hopefully build a reliable network of lenders, property managers, contractors, and agents.

My contractor brought me a house off the market.

My partner and I keep an excel spreadsheet of rent, our purchases, utilities, taxes, insurance, and money spent on contractors.

I don't know, I would keep it, and when you go to MTR you will make more. if you buy something now, your mortgage rate will be higher, get a property manager , saves you the headache, worth the money and enjoy your cash flow.

Quote from @Aaron Wolman: General question, I am turning over my first rental and I got the charges from my contractor on damage done and I want to see peoples opinion. 

I'm sure the one Chase will send you is thorough, detailed and will do the trick.I purchased @Michael Blank's Syndicated Deal Analyzer however, and I do enjoy using the tool. 

@Brandon P.I use a mix of things and still struggling to find the best solution.All the solution requires to have a mechanical lockbox with backup key at location for lockout or contractor.

I now have a full team with property management and contractors in place.