You want to be prudent and have sufficient reserve funds, but you don't want to tie up extra money in the property that you don't need to.

If you increase rent every year, 3% is probably sufficient.

Further, a foreclosure in which fair, open bidding with sufficient advance notice is absent is subject to being overturned by courts.  

While fha is generally seen as shakier, this is due to someone who supposedly can’t qualify for conventional and/or is short on cash, which can cause issues if they are not aware of the 5-6% closing costs and prepaids.There is nothing wrong with asking for evidence of sufficient cash to close from any financed buyers.

They did not walk with sufficient workbooks for the registrants and only seemed interested in selling their training.Additionally, I made the mistake of paying cash to purchase one of their Structured LLC registrations that are done via Veil Corporate. 

@Ryan Ricciardelli  The biggest restriction on FHA loans is when you buy a 3 or 4 unit property - the rents needs to be self sufficient. 

I have sufficient trade lines as well but little cash on hand as funds are tied up in the deal due to unexpected rehab costs outside the rehab loan. 

I feel stupid asking, but is the template BP offers sufficient (I imagine it would be) or are there other templates for a contract agreement people would recommend?

If a borrower isn't willing to give you sufficient time to do your DD, that's a red flag- As Jay H mentioned, only lend to investors, NO owner occupants if you're not licensed- Ensure you know understand the deal and the exit strategies. 

However, it's important to carefully consider the rental market in the area where the duplex is located and make sure that rental income will be sufficient to cover your expenses.It may be helpful to consult with a financial advisor or real estate professional to get a better understanding of the risks and potential rewards involved.