I live in philadelphia and bandit signs are illegal here.

It is not illegal to pay any item outside of closing, paid outside closing (poc), so long as it is fully disclosed.

I will certainly get my profile updated as soon as I can but for now I just wanted to get the initial "ice breaker" task completed.

No two contractors work at the same task at the same speed.

So would that be illegal?

The sellers probably don't care if they're motivated enough but I wouldn't want that to be deemed illegal.

And even though it'll be (presumably) the parents that will pay the rent, I would at least do a criminal background check on the actual tenants, as you don't want any illegal activity going on.

This is going to be a big task and I'm feeling a little overwhelmed.

While still in the beginning stages of getting this business operational I will perform this task myself.

However, when parties use a form or contract illegally they have set aside the agreement too, so there is that issue.I suggest you go buy a lease and modify that as your agreement.