Are these the only items we need to document?

Look at insurance and tax costs, those two items are the biggest killer of cash flow.

say you find a solid property in a low cost market for $200K and you buy it.between down payment, closing costs, rent ready / spruce up costs, and lease-up costs, you're probably going to need at least 50-65K in cash. 

We recently put the house under an LLC but are not sure if the lease should reflect the LLC as the landlord or keep our names.

With that being said, in a worst case scenario, you can always hire a property management company to handle the day to day items if it comes to that. 

We even had to do a lease back to them while the carport situation was being finalized.There is definitely some luck involved with every deal, but I think as investors we can create our own luck as well based on knowledge and experience.  

Do they have solid banking relationships and broker relationships to lease out the units. 

You also need a leasing agent, unless you are going to advertise and screen tenants yourself.

I would hire out a leasing agent and work a bonus structure in that allows for them to exceed the 5% given they beat my planned vacancy number. 

Quote from @Jay Hinrichs: Quote from @Guy Gimenez: Quote from @Tom Gimer: A better question may be is the program worth 10,000 pesos.When the DOS is called you can't reconvey to the seller and restructure the deal as a lease option... at that point the goose is already cooked.Exactly.