Just wanted to hear or see some examples of contracts you all have used in similar circumstances.

Without doing that, you'll probably be working at a disadvantage from the competition and will find deals through sheer coincidence or circumstance.

I would take it under the right circumstances.

While rehab expenses incurred to the rental after it is ready to be rented are either expensed/capitalized depending on facts/circumstances.

Didn't want it to be whopping, unforeseen fees or miscellaneous costs.  

Its word of mouth, but I guess under the circumstances could be understandable.

Probably.Unless there are extenuating circumstances (eg., rapid appreciation in your area, you want to continuing using it as a primary residence, etc.) then I say sell and reinvest the equity elsewhere.

When estimating, would you add any additional safety factor on top of the original rehab budget just to account for any unforeseen? 

That way, barring any unforeseen concerns, I will know with a strong degree of certainty that Ill get funding approved and secure my earnest money.

@Clint Harris Thanks for explaining the circumstances.