You already know the answer. 

I am a first time homebuyer and I’m still keeping the faith in hopes of coming across a good deal here soon and would be open to answering any questions you have about the Kearney market from my perspective!

You need to specify the state and city in order to get to a good answer.

I searched a bit but couldn't find some answers.

Let me answer your questions first, then, I will provide comments and my own questions.Billing tenants for owner paid utilities will depend on what is acceptable practices in that area.  

The you do a regular exchange and take title to the apt. building from the entity.Reverse exchanges are more costly and complicated but can be the perfect answer.

The answer to your question about how much to get a loan for depends on your goals as an investor.

I cut and paste some of the things from the contract - hope this helps with understanding the language.To answer the other question, the buyer verbally agreed to continue the sale at the appraised value which he was approved for, which was $244K

To answer your question about mortgages, call around. 

I suggest you learn some more before attempting a flip on your own.To answer your questions:Hard money comes from a company or institution that lends money.