If you do not have a set of specs and scope of work  with a contract than how do you know what is included and what the contractor may later claim is a change order or extra? 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

I'm considering hiring a company that will meet with me and design our flips from studs to finished product, including the functionality of the property to the actual finishes used; i.e. the design of the flip. 

When the cat leaves, the mice will play"As an out of state investor, the mice are always playing.It takes years and years to develop trustworthy relationships with feet on the ground.Even then, you will loose money just like we do to this day in Toledo to shady contractors, etc...And we have a whole team of people on the ground including myself and my co-founder.Granted, if you do it right you can find amazingly cheap deals, renovate and have immediate equity plus jaw dropping cashflow.I would advise moving to the market you are considering and getting your hands dirty for a few years.Easier said than done but if I moved from Sydney, Australia to Toledo, Ohio.Anyone can do the same lolWishing you much success

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

That way you could acquire with hard money, put your own skin in the game via the repair costs utilizing your HELOC, and then refi out and get cash to pay off your HELOC and the hard money lender and keep the property as a rental.  

There are some addicted to the game of investing at all costs.

On the east side, in Redmond, we are currently living in a property worth probably 1.6 with about 600K outstanding - and a monthly payment of about 4K including mortgage, insurance, property taxes etc.Looking to leave the area.Does it make sense to rent it out given that I’ll probably get 4K in rent?

In Virginia you can include these in your selection criteria but you do run risks if the database is wrong or you get the wrong person in your background check.Think carefully before establishing your selection criteria because you MUST stick to it.

I think my current residence is an excellent "training wheels" for being in the rental game."