So, if I understand, you are buying the property, paying for material and labor and then marketing and selling the property and your partner is managing the renovations.

As a real estate investor, when buying and selling a property, in my case in the state of Texas, is it better to utilize the contract that has been promulgated by Texas Real Estate Commission (TREC)?

I'm finding the tools that you mentioned very helpful as well and will continue to utilize.  

The question I have is if there any situations where a commercial lender considers the loan any differently if one of the members of the LLC utilizes the property as a primary residence.

BUYER will waive the termite inspection and accept the DWELLING in “as is” condition.SELLER warrants there are no unpaid utility assessments or undisclosed debts or liens, recorded or unrecorded, secured by the DWELLING and property being purchased.SELLER shall remove all personal items, furniture, food or other items that are not part of the real estate within seven (7) days after acceptance of this offer.

From the price amount, it must include materials.

Another unit then vacated & within 25 days I had it rehabbed & rented for an extra $250/month plus they now pay all their own utilities.

- it's always good to see another investor utilizing this great site!

We took our time to learn how to do it right and were careful to setup trade accounts so that we could buy high end finish materials as cheaply as possible.  

All purchases must be through Home Depot.If you use them for installation, they will probably be a bit above market.If you are handy, you get the material from Home Depot and install yourself.