Some will be passed on to the tenant.You can include non-recurring expenses such as capital expenses, repairs, etc. 

that fear turns into vacancy fear. the vacancy rate in the neighborhood is 1.7 so i used 2 . if i go to 3 it turns coc to 27 and -25$ cashflow from shownOverall goal is to hold forever, Cashlow at 66 and beyond with complete debt paydown , pass to kids when i die , they use the cashflow for their primary residences and beyond. (10 of these will do haha... but really)

It usually ends bad for all involved including the GP.

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? 

However, if you're debt outstanding is significant then a rate term refi might make more sense if you plan to hold onto it for a bit. 

Normally you will want to also add in your site development costs to this loan So you can create your parcels and then sell them off.So you want to make sure you have Lot releases in your ( this is GA ) your deed to secure debt .

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. 

I am also extremely interested in Portfolio loans, but I have zero contacts dealing with those types of loans.Finally, I have an 'excellent' credit score, no debt at all besides 5 other rentals at 75/25 LTV (all cash flow positive) and a job that I claim over 100,000 in taxes, and have three years of consistent tax returns showing that.

I am debt free so I figured that I would continue to live on the rentals and the loan payments.

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