The title company processes everything, impartially, and "insures" that the process is done correctly and ownership and debts are squared away perfectly- and the title company is liable.However- you 100% absolutely can use an attorney, if you like- but it's usually in addition to the forementioned team.

I would think you would want to rent it out first to have better debt-to-income ratio which your mortgage broker takes into account when financing or refinancing.

@Jay Thomas there are actually quite a few local banks that like construction/bridge debt.

Just to ensure I'm grasping this correctly...If I purchase the property for $499K - $72,140 at .144 cap putting 25% down then:Refinance the property at .08 cap = ~$900k w 75% LTV = $675k amortized over 360mo at 6% = $4050/mo PI payments     $72,140/12 = $6012/mo NOI     $6012 (monthly NOI) / $4050 (monthly PI debt) = DSCR of 1.48      I guess it would be the same over a year of 72140/48600 = 1.48 DSCRRegarding the market analysis - I'll reach out to my lender and see what they can do for me!

Also look at your debt as that will affect how much you can borrow (eg car loans). 

Don't go high end finishes, keep it neutral to appeal to more people and get durable finishes.Find out how much you can borrow (don't max yourself out), get your finances in order (look at your debt).

I wonder because I have student loans to take and I may be getting a car note, but wondering if that is the wisest thing to do considering that I will be applying for a mortgage within the next 3-6 months.All debt contributes to your DTI ratio.  

Read more about New Orleans and Katrina, blocks of homes have not been restored 16 years later. more reading here from FEMA:FloodSmart.gov

I wanted to know how much debt they were incurring on the deal, 25-35%, right?

Some will want that money to show up on a tax return (or two) before they start counting it toward your all-important debt-to-income ratio.