In my own experience, when a tenant needs 2 jobs (not 2 people have 1 job each) just to make rent standards will ensure frequent repeated late rent payments.Consistent long paying jobs and income history is more indicative of stable rent collections.Keep looking.  

He was born in kidney failure and later we discovered he has liver cancer.

He got a lead on a Sunday evening and, excited as he was, he figured he could schedule it for two days later.

That kinda of money is better used as part of a downpayment or investing with rather than holding onto for years in hopes of using it later for retirement.

IF you plan on holding on to this long-term, I personally will go with the ARM as I also would have the funds to pay down additional monies later on if there were equity or refinancing issues.

Here’s my strategy and the issue:Current Strategy:Buy a property for $200k with cash.Refinance after 6 months to recover $150k, leaving $50k in the property.Use the recovered $150k to invest in another property, but I need to save up more money to repeat this process.Alternative with Hard Money:Use hard money to buy properties worth up to $800k.Refinance them later to recover my initial investment.For the hard money scenario, obviously I wont be buying them all at once, but rather buy a property worth 350 -> refi -> get HML -> repeat, until my money has ran out.However, hard money can’t be used for cash offers directly, as it’s typically a loan.

You’ll find that many time a property owner will initially reject a proposal on;y to come back 6 months later wanting to make the deal.  

Also:"The issue of how much you can charge as a late rent penalty depends on local and state legislation.

I offered to NW the same price that I later got the house from, in which the second wholesaler got a great deal and it was even another agent involved in the transaction.Saying this, the agents that I am talking in NW have knowledge and they are open to communicate openly.

A good rule of thumb is double down what you think you like to spend and make adjustment later.