The rents are about $75 below market rents, so we're fixing up the small cosmetic repairs and then we will be upping the rents to the market standard.

I have everything put together for minimum standards, questions, applications, etc.. 

The reason is I know which lenders: do a good jobstay on top of the necessary tasksknow how to be creative within the rules (some people don't fit into the standard mold of a buyer, and some lenders don't know how to get them approved, and some lenders know how to get them approved)and which lenders can actually close deals.

Sorry if this was a stupid question, I assume this is standard lease language, with standard understanding of what it means...

You will be held to a higher standard of disclosure and ethics if you do become licensed.  

Although realistically these days you should probably pay off your primary as if you play the tax game correctly you probably won’t have enough personal deductions to exceed the standard deduction making your home mortgage interest non-deductible.

I am wondering what’s the best standard contract to use that includes the assignment clause.

They are basically smaller commercial loans.These loans will not have as favorable terms or rates as your standard conventional loan, but will allow you borrow in the LLC name as opposed to your personal name. 

Just out of curiosity - what is a standard timeframe for something like this start -finish ?

There's no standard formula, but typically all money is treated the same and if one partner is doing the majority of the work they should be compensated by either through fees or an out sized % of cash flow compared to their equity over a certain return threshold.