@Jordan Bochner I'm sure @Upen Patel will step in to respond as well, but typically a lender will view your time in college as work experience if you are working in a field that aligns with your studies in school.

LEVEL OF EFFORTReview Available Information /documentation prInformation which will be provided: We will provide existing Site Plan , reports and documents availableDeliverable: Report/Memo on Potential Site FeasibilityProvide the report about the parcel much in the way one would explain the project decision-making process to a spouse or a friend.The report should explain the issues important to the decision-making process and summarizes the findings for those issuesThe report should summarize the key findings from the information already available and separate stand-alone info available with Pasco county that bear upon the decision-making process.These include any safety , environmental concern, potential for a high level of environmental impacts or concerns , sinkhole investigations , any alignments variances done and do not have approvals , any queries pending concerns with pasco county not addessed , flood zones any air quality hazards or concerns , were all the permits originaly requested was approved and permits expired pls highlight any documentation required to submit to renew the permits or any additinal documents we should request seller to provide. 

key component in my mind.. 

.- I'm not sure their interests are as aligned as you think they are.Not saying to not do it.

Believe me,  the first thing I would do before signing it, would be to first, make this thread and see if my common sense is aligning with others with more experience, and then go so my real estate attorney, lol.  

I guess I have some of these components confused as to whats what, how do they work, and what questions I should ask.

Would the other investors have alignment with your timing goals?

If you purchase a multifamily unit with the intent to use the BRRR method, I would like to know what are some key components to that process.

Saving cash is also always a great idea just as long as it aligns with your goals.

I am a newly licensed agent as well whose expectations started out very much aligned with your current expectations but have since aligned with reality.