To be safe, you can use a state standardized lease or run the lease by an attorney in your area. 

ON to car dealers LOL.So I am sitting in the finance persons office while they try to up sell me on everything under the sun.. the one they were really hammering on was gap insurance..

You will want to have a standard deal analysis tool (BP has one or you can find plenty others out there). 

It's all coming together quite nicely, and thanks to all the great insight from this site and from many books, my standards for cash flow have gotten extremely high, and we're killing it on our COC for the most recent three properties.Where we are now is...we just got a very nice cash payout from some complicated circumstances surrounding my wife's company being bought out and all retained employees getting huge retention bonuses.

We got the hard money, and then refinanced the house once it was renovated to a standard that was acceptable to a conventional lender.  

Does anyone know if this would fly (with FHA, with insurance, with resale?) 

Do you look to make at least $100 dollars a door after all is paid (Mortgage, Taxes, Insurance, Property Management, Repair %, Vacancy %, etc..) ?

super exciting, congrats...watch out for remaining open and pulling permits..Duval, border counties, like never before are targeting dumpsters, we buy houses signs, dinging for anything, door permits, etc....I "think" its because of insurance companies, and past hurricanes, the county is hunting and penalizing hard like never before......aggressively  against investors..the city turns a blind eye to children not in school during the day, rather than enforcing, but is looking for rehab investors to penalize and enforce.....maybe thats where the $$ is..

I plan on doing the following: 1.PM will pay 50% of standard rent but will identify duties he has to do for 50%. 2.Develop Property Manager Agreement for emergency and routine repairs and come to terms on compensation.

Apparently they make their income by offering to sell the tenants insurance and of course those who pay the $25 fee.