I am saving up enough to cover 12 months of the mortgage and bills and putting them in an account separate from my finances to cover any periods that the other side is vacant or not payingBut I also can secure my future with this property, if done right.Please help!

Here's the deal specifics in question:The Sponsor is the guarantor & deal maker and has no equity contribution in the deal, but is liable to the debtGeneral partner collaborates with the Sponsor in managing the rehab & construction but also makes no initial equity contribution but contributes towards monthly holding costs with the Sponsor during the renovation period.

Because it is a guaranteed line of credit. 

You can get section 8 tenants, you can pretty much guarantee cash flow.

If that happens, the seller is off the market for a period of time when they shouldn't have been and then have to go back on market with what is now a stigmatized property.  

Maximum 10-year payback period.

The strategy is essentially save money and periodically use some of that money to invest in real estate.

I don’t want to wait the seasoning period and I’m weary about doing an ARM mortgage without any experience.

What approx level of expenses I may pay for all efforts during due diligence period if I have to delegate it all to professional contractors?

Withholding rent is a guaranteed loser for a tenant.