LOL This is a link to part of the Conditions section of the standard ALTA Owner's Title Insurance Policy. 

The other 2 options on there is ALTA 98 and ALTA 92, neither of which I know what it is.

If you include on your closing statements (which vary state to state - HUD-1/ALTA statement ) the renovation costs - and have them charged at closing......

That being said, the best neighborhoods I've seen for flips have been the Northeast (especially La Cresta / Alta Vista), the Oleander area, some parts of Oildale, and some older SW neighborhoods like Amberton/Sage Point/Stockdale.

To understand the legalities of this business, real estate license law is not enough, as a business venture you have contract and business law, uniform law, truth in advertising and FTC, SEC, RE Settlement Procedures Act, be aware of ALTA, CFPB, and a dozen other legal aspects of business dealings that you won't find in any State's Licensing Law.         

The commercial attorney will cost you more than that alone then you have lender legal fees, title policy, insurance policy,reports (appraisal, site inspection, environmental phase one , ALTA level one survey, etc.) 

Title companies affiliated with ALTA all follow the same rules which allow QCs into LLCs wholly owned by the named insured. 

Is anyone out there experienced with this and willing to take a look at my ALTA to make sure we've filled it out correctly, and will be able to use delayed financing?

My rule... always be in 1st trust deed position, with an ALTA title policy to protect your position as a lender.

This is not a "double closing" which is now restricted by ALTA, but is a back to back settlement.