Renters insurance will help them out.You're just starting down a lengthy road. 

I have the right to make payments at any time before they are due.These early payments will mean that this Note will be paid in less time.Late Charge for Overdue Payments.

He is able to charge 14/4 because there is no lengthy paperwork, if your deal is good enough you don't have to put any money down, and while it may be expensive, you know he will be there with you at the table for closing. 

My biggest concern is my ability to estimate exit/selling price on the property.I'm sure I've left some things out but this is already lengthy and should give a decent background on myself and my goals.

This might be lengthy but Private Message me if you need.   

[FYI- The township of Bloomfield, NJ Uniform Construction Code: 149-8 has a lengthy document on construction fees & 149-3 has more info on Certificate of Habitability (Occupancy) fees].   

One he discusses at length is the steam shovel business. 

@Jay Hinrichs , I took a 6-week vacation in Europe in Sept/Oct last year, partially because it was overdue, and partially to celebrate (and enjoy) the success of the strong cash flow coming off my 4plex, along with a good purchase of 2 SFH a few months before I left.

Ok, this has gotten a little lengthy and I am sorry, did not mean to write a book here lol...

There is a VERY lengthy thread on this on the main board.