Let's say that I want to get a mortgage credit certificate (MCC) on a home that I am going to live in. 

Shop around to local/regional banks and credit unions.

I am currently searching for my first deal and would like to be as prepared as possible when its time to go look at a property

I had a similar situation; after calling most major banks/lenders, and getting "no actuary will every approve that," I was able to work it out with a local Credit Union. 

I am preparing to take hold of a property .

We thought about using credit cards to fund the renovations but don’t want to risk damaging our credit score to do so.

A Payment Schedule should outline Payment Milestones, Amounts & Terms which describe the work that needs to be completed in order for the Contractor to get paid, how much the Contractor gets paid, and when the Contractor gets paid.Form W-9You will need to get a W-9 from the Contractor so you have the Contractor's Name, Address & Taxpayer Identification number which will be used for preparing Vendor 1099s for your Contractors at tax time.Proof of InsuranceBefore hiring a Contractor you need to make sure that the Contractor is carrying the proper insurance to protect your property, investments & personal assets.

Financing:  My credit is good, but again I want to clear up some personal stuff first for peace of mind. 

Flipping houses and owning rentals are only similar in the sense that the underlying asset is property -- beyond that, they are completely different strategies that fulfill completely different investment needs.Every investment strategy requires you put in some combination of the following:- Time- Cash/Credit- ExpertiseAnd every investment strategy generates some combination of the following:- Profits- Cash Flow- Tax BenefitsWithout knowing what you have to put in and what you're looking to get out, there is no way anyone can recommend a particular path.

@Jeff Whelan Yeah it seems @Christopher Phillips didn't understand that you're talking about a house you've taken over the payments on.I'm not sure about lenders in the US but here in Canada if the seller shows them the lease they will only credit 50-75% of the income toward their income for the purpose of DTI calculation.That's probably the best your seller is going to get if you've taken this property over on a lease option.