Thank you for the very thorough and clear thought process.

Points and loan details are TBD still as we're just getting the tentative process down on paper as we wade into the details. 

Achieving a great cashflowing property, learning the process while executing, and great satisfaction of helping a family.

I like the sit and wait plan.. no sense burning cash on things that cant get processed now anyway.  

In that process, I got my real estate license to buy the house and save on fees. 

I have actually done this and can say that it is a pretty complex process with many rules.

Insurance- need a broker.PM- farm out or you better be good at process management. 

If you conduct yourself as a serious investor truly looking to work with that PM than they will likely help you through the process, especially if you use them as an agent.

The rules are also very landlord-friendly (no 12-month eviction process!).

Quote from @Cynthia Lee: Accepting even $1 could be seen as evidence of a payment plan, and the entire eviction process could be derailed.Once you start the eviction process, to not accept any payment unless it is a full payment in certified funds (cash, money order, cashiers check).