Our standard loan is a 5-month term which puts the effective rate at 6.25% - 7.5%.

Establish a finish standard for your project.

They should pay off when I retire so I do not have to drop my standard of living when I quit working. 

Some properties are very management intense and would not meet the p.m. standards. 

I've found one good deal and have barely enough for the standard 20% down.

I think what your describing is pretty standard, especially if the contractors generally work with owner occupants or commercial.

Would be nice to see some of them get together and create some standards to wash out the lowlifes.

Many transactions are hammered quietly too, do this or else and the accused party does that instead of getting hammered publicly.Ethics is not what an individual might define for themselves, it is a standard of conduct accepted in an industry that allows limited deviations from the norm.

Is there a standard contract you use with this?

Even if I somehow lose $700 a month on this property in unexpected repairs and maintenance or whatever, that's still $700 of expenses that are both 1) tax deductible (or at lease tax depreciable) and 2) better my asset in some way.