Uh yea. I'd just be upfront about it. Even before we had an investor, our company was finding out prices because plain and simple, paying from profits isn't good for anyone. Because Once you make back your budget, you are probably going to want to put a chunk back for your second game.

I would make sure that you decide on what you will and won't let them keep, depending on contracts. If you let them keep any of the work at all. I'll agree with above though, and say 5 edits aren't too many, I can't even count the number of edits we had one artist do on our first piece of concept art XD