Goes with the job, I live and work in the territory I work in.The following things I believe to be true: you could definitely do this; you will definitely take on more risk.Food for thought: building a strong network of folks you trust would be a must.

Shop around for the best financing options that suit your needs.

We both were approved for a 180-month 5.85% loan, as well as a 7% 30-year fixed mortgage, but we will continue to shop around with the idea that we would just pay off the entire mortgage once our funds become liquid. 

This is way more true than is readily apparent.

@Sovat C.The live tax free part is not true.

This is especially true when only putting down 5%What is unfortunate with the 5% conventional program is that you get hit from 2 sides:1.

Is that true?

@Jonathan Greene this is very true. 

I've gone through the process of shopping out a loan for the property and it was decided that I'd go with a loan originator who initially told me the interest rate would be anywhere from 5.5-6%.

It's always good to shop around for rates and program options