I think you should classify the deferred maintenance repairs as an acquisition cost on your books, but then do book-to-tax adjustments for your tax returns, in order  to expense those items. 

Here are some items I'm aware of for steps between the closing and getting a renter

We are going to relax a couple days on communications and see if we can get a few of our big ticket items in at a better number.

Item #3 is how I got my start.

Seller took care of a list of inspection items for me and I've engaged a property management group to start marketing the house for rent.

I am no expert on the subject, just making note of it for you.From what I understand, one of the rules is that the note must be fully amortized.If you don't already have these easy format purchase agreements you spoke of, it is likely that another investor in your area does, so I would start there, however, the contract is only as good as the verbiage in it, and with lack of experience, you may not have items in there you would likely want, hence, the attorney route.If you plan to make thousands of dollars flipping deals where the acquisition was with owner carried notes, why not spend the money on the attorney?

But anything more than 6 months is very ownerous (in what is legally required by you regardng disclosures and a large handfull of other ongoing legal maintenance items) and you put yourself at huge risk as juries will be more sympathetic to your L/O tenant in which case a normal forclosure on an Owner Finance would be easier to deal with.

The primary item I notice in the kitchen photo is how much the near white walls make the cabinets seem much more colorful than they may actually be.

Attorney has realistic client control and more influence over seller than you, in this case.Reduce your deal basic terms into about 7 essential line items, such as:1) Consideration2) Terms3) Possession4) Inspection 5) Title6) Escrow7) Buyers vestingNow that you've spooked the attorney, it will be harder to close.

Just weighing my options.Mortgage on $240K at 75% LTV would be about $800 monthly PI and would net us $180KIf we eliminate 1 car payment and the furniture, that would net us paying $200 monthly more than if we kept those items under payment terms.