As you do more deals and have a track record, you will be able to retain more of the deal.

Knoxville seems to have some material damage, just have not heard all details yet.

They used the exact same estimation software for construction labor & materials as my insurance, and got together to agree on the scope before work started.

The high initial ballpark ranges might also be a way to buffer against future increases in labor and material costs.  

Lubbock has a low barrier to entry and has several backup economic drivers by being the primary hub (agriculture, financial, healthcare, material goods, transportation, entertainment) for an area the size of most states east of the Mississippi.

Is there any recommended material I can absorb to help me achieve my goals?

The 10% is probably for ordering items and being there when goods arrive, unboxing and removal of packing materials, assembling any furniture that needs it, placement and moving things around, putting up artwork, and washing new plates, silverware, cooking pans, coffee carafe, prewashing all sheets, towels, and linens etc. 

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late. 

I just took some cursory looks at some of their material and assets and I think it all sounds crazy as hell.

If you do it yourself , you deduct the cost of materials .