I see so many investors come to OKC that are out of state and happy, and I try so hard to re-set standards when people hold back because they're scared.

I plan to graduate within 3 years, instead of the standard/recommended 4 years.

A couple highlights are to make sure you have the "non-standard rental provision" section where things like lates fees, security deposit and applicable charges, termination fees, and automatic lease renewal clauses are located.

Upgrade your electrical system so it can handle the loads of modern tenants (you will likely continue to have this issue with other tenants because a 100 amp service is considered woefully inadequate by today's standards) and let him run his compressor.

This poses a few problems: 1) we always seem to be competing with one another. 2) There is no standard of care between the buildings, both of mine have been re-roofed and re-sided, other have the 1970's wood siding rotting off. 3) We compete with rents, and it has caused some owners to say that this is their worst property.  

What is a standard interest rate in this type of situation or investing in general?

I suspect these packaged ones won't live up to the DoubleTree standard.

You'll want to find out from a lawyer or local investor what paperwork is standard in your local area.http://www.biggerpockets.com/forums/48/topics/104807-joint-venture-strategy-advice

Since we will have to have a lease with them for the two months they will be staying there, I was wondering if there was any way to protect ourselves more than a standard lease agreement in this situation. 

Your scenarios should be based on the confidence of your projections (in statistics, it is based on the # of standard deviations from the norm based on the type of distribution for your data).