An attorney is not required but one can be used if you don't mind the additional cost.  

I just saw an 1846 built victorian that was "codexed" into two separate units, on a 12,000 sqft lot which used to have a barn structure, and the agent suggested the best value for the property is a flip with the addition of resurrecting that structure (with approvals - this is a historic district) and turn it into two more condos in the back of the lot.

Leave 5k in case of additional repairs needed.5.

Or do I just file taxes like normal and claim the rent as additional income?

Additionally, I'm reassured by those of you who suggest I can extract up to 80% equity as I'd read it was more likely to be 70%-75%, although that will likely differ based on property type.

Additionally, ask them how long they have been managing properties and what types of properties they've managed.  

However, I have a comfortable allocation of secured funds for investing and there other reasons I believe I'd qualify for other loan options.My question is, how do I see about getting additional pre-qualifications on identified properties/home values without lenders pulling my credit?

It seems I may have to get additional water back up coverage, not sure what to do ...

Additional BackgroundContractor says there is a lot of "unknowns" in the project.

Guidelines from Fannie Mae:-Calculation of Reserves for Multiple Financed PropertiesIf the borrower owns other financed properties (determined in accordance with B2-2-03, Multiple Financed Properties for the Same Borrower), additional reserves must be calculated and documented for financed properties other than the subject property and the borrower’s principal residence.