We're occupying the house and plan to keep the property for 5-6y, after which we would either move and hold it or sell it.

On the surface it also sounds like you have a lot of local support for managing and maintaining the property but I suspect that will kill off most of the returns.The real information is somewhat hard to come by as the developer controls much of the market, the rental management, and a lot of the previous pricing data as they didn't report to MLS for much of their history.  

I want to buy and hold for rental income.

Given I’m brand new I’m hesitant to go long distance because contractors could take advantage of you more because you aren’t there to hold anyone accountable.  

@Samson Hall don't let anyone hold you back. 

Your "gross profit" for flips is going to be what the property sold for minus all Cost of Goods Sold for the property (purchase, closing costs, renovations, holding costs, selling costs, etc). 

Since I've been wholesaling I've just used forms out of books I've read or templets from random web sites, and i feel like I'm about to transition to buy and holds or even brrrs, so i feel better put together paperwork would be better.

Build some professionals around you who will support the work that are ahead of you.

DSCR loans have varying seasoning periods but if you completed rehab that can support the new value, you can bypass that requirement.

Our plan is to buy the first home in cash, likely $550k-$650k, operate it under management for 3-6 months, then refi to pull out what we feel the property can support for a mortgage so we do not end up upside down.