I did have to pay an extension fee due to their closing date and the municipal search in that city, and the fact after we went under contract they allowed the basement to flood (finished space) and never told me until I found out myself the day prior to closing.

More info is needed about your equipment and what your tank temp is, and include what house heating you have. there's lots of answers like raising the temp and adding a mixing valve if you don't have one, but I need to know more.

What happens if one partner wants out and the others don't - will you have a first right of refusal included? 

or includes back pay to my reserves acct and deposit to qualify for loan?

We are starting to partner with other investors on projects, so the topic of finish comes to the table from time to time. 

I meant if leases are in place and the building is being professionally managed, underwriting may be willing to include the rents in your qualification even though you don’t have rental income on your tax returns yet.  

I’m currently working a day job to pay off the rest of my debt (which I’m close to finishing).

Yes, backup strategies include selling off the property after rehab.

Just about everything I'm seeing needs cosmetic work on the interior: finishes, kitchen, bathroom, etc.Port Richmond is the next town over, away from center city.

Then finish the property in a longer timeline with a new contractor.