@Sheeva R. call your insurance agent and ask what they are seeing for the cost to build per sqft.

The title company will help with the rest.

There are some standards that lenders will go by with reserves, it has to be at least 10% of the budget in most cases and enough to cover an insurance deductible in the event of an emergency. 

What percentage of  tenant income do you figure  is needed  to best  insure monthly payments ?

and 2) How long do title searches take?  

My offer was accepted, I was lining up contractors and during the close the bank (BOA) offered that if I used their title company (Title 360 Inc), they would pay for my Title insurance (and save me $800). 

don't forget to account for vacancy rates, insurance and maintenance that you'll be responsiible for as owner.

@Rod JosephYour post states "Mortgage Expense" is that supposed to mean that monthly debt service is $2,600 or is that Mortgage + Insurance + Cap ex + Management + Repairs?

I also have another question, I've talked to a title co that does assignments of contract.

I'm a licensed and insured general contractor who works on New Orleans houses and commercial spaces.