I think I want to persue a buy/hold approach - mainly because I want to build a retirement equity portfolio (preferably leave my 401k and transfer funds to IRA for investing) via real estate, and to have the cashflow from these rentals as a good supplement to the income I have now.I hope in the future, if things work well, to be able to persue real estate full time like the pros :)

Is it your present business plan to supplement tenants rates based on whether you like them or not.

It simply has some cut and paste verbiage that you will find on any generic turnkey website.  

I was looking for additional capital to supplement my private lenders.  

I'm a teacher and will need to be supplementing my income big time in Montana.

Once you start supplementing income with rental income your tax returns get messy for some lenders and they dont want to spend the time needed to make a deal work. 

I also add an overall fudge factor of 10% to the bottom of the sheet.I've thought about making my spreadsheet more generic such that I could enter material only prices and installed prices and have another if/then statement for whether I pay for installation or do it myself and I probably will down the road so that I can calculate savings easily for doing things myself vs hiring it out.When I go look at a property, I estimate the square footage of each room.  

They also tend to have very rigid and generic underwriting requirements that prevent them from considering many factors you may think relevant to your particular deal or situation.

You first have to do reverse engineer to figure out your future income when you retire and figure out the gap or supplement needed...

Just use generic wording: Tenant must maintain Renters Insurance with minimum liability coverage of $100,000 and list landlord as additional interest.