Do I put the house under contract, get it inspected, figure the rehab cost, then get funding? 

Hi all,Currently under contract on our first SFH rental property in OKC area. 

Will he, or she, do the actual drafting of the contracts( Wholesale, purchase agreement, etc.) and documents I'll need?

It really depends on what the area requires.Here in AZ, it is a 3 day Cure Notice, which gives them 3 days to correct what is wrong, or be in breach of contract, and subject to eviction.

I'm wondering if you all could give me some pro's and cons:I'm wondering if it's a good idea to asking for a rent increase as part of my purchase contract with a tenant who is month to month and the seller has a management company taking care of property.My thinking is, if I were the seller and they asked this of me instead of asking for a lower purchase price I wouldn't mind.

Technically, that’s no longer a renewal - that’s a renegotiation of the contract and had we known we would’ve accepted another offer.The whole thing is bizarre, I have a sense they have an agenda they’re not disclosing because at this price range, with kids enrolled in great private schools nearby, our experience has been the opposite - families wanting to lock the house down at their sole option for x years at x price.The arguments the tenants presented are very bizarre as well (what if lightning strikes the house, or I decide to adopt 4 children and need more rooms, what if I need laser surgery only available in Europe).

I never really considered it because I try to be kind and polite to everyone, but I believe the house we are under contract on right now may have been a similar scenario. 

Consult a competent 1031 qualified inrtermediary about what clauses to write into your sales contract as well as the specific requirments for a successful tax deferred exchange.

I have 2 properties under contract that have property management (In this question referred to as "ABC Property Management Company") in place currently. 

We sell a course called the   " Ins And Outs of Leases" if you are interested.No matter where you get your lease join your local REIA to find out what others in your area are doing.PLEASE consult an attorney who works in contract law / Leases and have them review your choice.