The other is a local bank offering a 5 year ARM at 2.2. 2% annual cap 10% lifetime cap.

Your results will be better, albeit more work.You could also create a holdings company for all your entities as I have done with various digital enterprises.

Trying to get as much information as possible to arm myself properly to take this big step.

However, victims of domestic violence and members of the armed forces can terminate a lease before its term ends, under certain specific conditions.

I was in love with micro lending until the account hit 5 digits and I started to get nervous, so I opened a Prosper account to build that and when that hit 5 figures I started saving for my first rental. 

It's rented now at $1550 as well, on a $540 mortgage payment (5.85% 5/20 ARM.)I estimate a net return of $5K yearly on each property after expenses (thanks, BP calculator!)

Example:$450k loan amount, originated in 2006.ARM.Minimal down.10 year interest only period, because it's an ARM it was down to 3.75% as of 2015. $1406 mortgage payment.

My wife and I quickly found a 2.25% 3-year ARM which is backed by the VA.

This attracts a lot of out of state investors who think that the low barrier to entry and high tenant pool equates to high cash flow at double digit rates as it would appear on paper. 

I had always planned on rehabbing and refinancing so decided to do an ARM 5/1, which retrospectively seems silly to have a slightly lower rate for such a short period of time and now making refinancing more urgent while rates are still low.