I am deeply interested in real estate to bring financial freedom plus generational wealth.

They can guide you through legal, financial, and construction hurdles.

The other will be sent to a scammer (David Owens of Owens Financial Group), who claimed to be legitimate, but was actually just pulling me along and had me wire funds for a loan that never even seemed to exist.I waited about a year to take action and I figured better now than never to act on this.

This person would essentially be instrumental in putting the entire deal together.Given the significant role this individual would play, I'm curious about how their involvement is typically reflected in the closing documents, if at all.

Should I go with 7300 sq ft and try to get as many tenants as possible or stay within my comfortable financial position.2.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Thanks everyone  You will want to speak to an attorney familiar with securities laws as it appears you are providing financial advise and would need to get some type of FINRA license 

The IRS, in a now discontinued Publication 535, used to say:If you are an individual and your attempt to go into business is not successful, the expenses you had in trying to establish yourself in business fall into two categories.The costs you had before making a decision to acquire or begin a specific business.

In my opinion, how you handle your reserves is up to your financial preference. 

If it will cause you too much distress to try to collect, then write it off financially and mentally.