Is this document assurance of what tenants are paying and lease duration?  

It excludes about half the popular and has limited exposure time (longer duration the older I get, unfortunately). 

One item though, Builder's Risk policies do not have liability coverage attached, so either have a hard conversation with your contractor to discuss this and see if his policy will extend over, or you need to purchase another policy for liability.  

A colleague of mine rented a beach house with his extended family this past summer - 23 consecutive years in the same house.  

He neglected to notice that while his equity increased due to the market conditions, not due to his genius, he over extended himself. 

Great Income property or wonderful for extended family!!

I typically get a contract executed (with an extended closing date) with the known heirs and get it to the title company so they can run their title search and determine what is needed to make the property insurable for a title policy.

When you deal with a lawyer or minister, extend your right hand to shake hands, cover your wallet with your left.

Now I bought this house about 4 months ago as a foreclosure and it had previously been vacant for an extended period.

Peter extended a hand into one local meeting, 2+ to go :-)thanks again