I've come up with a plan though.

What's the plan with the property?

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

But if you lay out your plan to the owner over the phone, it's very hard to get a "yes" because trust is developed with a face to face meeting.Trust can be established by talking about your past record (as an investor) but also if you have something positive about yourself (profession - real estate agent, nurse, teacher, fireman, doctor - any profession that can give you some added credentials).#4 Owner vs.

If you plan to manage remotely, then find a good PM or have a trusted team that can inspect your property regularly - and be ready to pay them.

Some other factors to consider - How long are you planning to hold this property?

We just acquired an existing duplex in Fort Lauderdale and planning on tearing it down and build a new duplex instead.

Hey Jacob, do you plan on expanding the portfolio?

Also, some of you will need a little pushback against Naysayers who will encourage you to stick with your Qualified Plan.] 

Hey there is someone in the house, maybe I should knock on the door and ask them a few questions...like are they planning to sell the tennis court?