You literally cannot have too little detail.Make this document 'Exhibit A', everyone signs it, and attach it to the contract.A Project Manager is different than a Property Manager.

if they are pressuring you like this.PLEASE watch the American Greed Episode on Remmington Financial  .not saying these guys wont or don't fund of course.. but when I do my deals with my banks its common that I pay for the phase one and the appraiser directly..  

That's a technical banking and legal term.

When there is a sum of money in the bank, I’d rather buy another property than pay for fire damage, and I’m happier with the insurance coverage.  

Any insights from your experience, whether positive or negative, would be greatly appreciated.The attached link explains the current situation with the Detroit Housing Commission (DHC), highlighting that they are severely understaffed and have limited communication with both tenants and landlords.

Quote from @Gregory Banks: I would hire a structural engineer. $1,000 inspection could save you tens of thousands.

Now purchasing a home with cash is always good b/c obviously cash is king but also I think the part you might've missed is that, the money your utilizing on these home's won't actually be yours, but the banks or whatever institution you used to fix the home or make its value worth more.

This is how banks verify property owners maintain insurance.

Once pre-approved, gather your financial documents like pay stubs, tax returns, and bank statements.

You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.