You should set up your leases as converting to M2M at the end of the first term with monthly auto renewal unless one party gives proper notice to terminate.

The more challenging part is funding the working capital for the rehab.  

But there are some third party water suppliers (AQUA and PA American Water for example), and if tenant has the water bill in tenant's name with these suppliers then there will not be a lien for unpaid water bills.Some landlords use different approaches when unpaid water bills can become a lien.

there may be an advantage to having an inside track with the seller's agent, but dual agency doesn't always give the best result for all parties. 

Most experts also feel that if you turn a shovel after entitlements that involves you creating inventory and turns you into a developer. 

., Being involved in construction myself, I can tell you I have answered many questions.

I am involved in a lot of discussions in the forums regarding the different materials used in rental unit rehabs.

The synergy between those 3 parties will make the rehab process a lot less stressful for you.

Your expectation might be different than the contractor.Generally both parties have insurance and all that, but there is shared liability in the project.  

They wouldn't let the agencies I paid buy the property because they refused to sell to a 3rd party.