@Joe EdmondsYou may want to review with your attorney and/or check the rules in your locality as it could be a code violation for a resident not to have access to the electrical panel.

Then I either get better than average rents or I'll sell it.First I repair/replace things, if needed, that cause more damage (to property or life) if they fail, roof, water heater, plumbing & electrical... anything health and safety related. 

@Ryan McKelvey i guess I'm not clear why BP's lease would be good for my own rental but not for another..........in my mind its either a strong contract or its not.

I have the Purchase and Sale agreement contract, however how do I get a Closing contract or is it called the Purchase Contract?

People I rent to are contractors. 

Also consider paying the contractor all cash for a discount 

Since you are a pro, use the calculators provided under tools to help but here is my quick rundown on a post-it:Buy = $80kRehab = $30kHML Points = $3kHML Interest = $3k (assuming 90 days held total)Holding Costs = $1,500 (assuming 90 days electric, gas, water/trash/sewer, builders risk ins, prop tax)*Selling Costs = $10k (6% relator fees, 1.5% closing costs)Sale Price = $135kProfit = $7,500*I am taking a very high level guess on your holding costsFor me this is WAY too thin of a margin.

Also keep an eye out for evidence of any lease violation.... unauthorized occupants, unauthorized animals, tampered smoke alarms, damages, etc.In addition to checking all of the smoke alarm devices, plumbing fixtures, electrical fixtures, appliances, and operation of doors and windows, ask the tenant if there's anything that's not working or needs attention.

We also had a water issue two years ago at one of our rehab properties caused by a contractor who was supposed to be installing floors and new kitchen. 

We have cut ties with the contractor we were using as they decided to avoid phone calls with us following the tear down.