Costs will seem high relative to the loan amount on these smaller loans, $5-6k in lender fees isn't uncommon. 

There isnt any one magic "cheapest" loan - it will be highly specific to the deal.

And if it's a high amount, would you be better off just using that as a downpayment and get a standard new investment loan?

It was the tail end of high season and while I knew I could get a higher ADR on my own (I own the unit next door and know the market very well), I would have had to make some changes before listing it myself to do better and in this case, time was money.2.  

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

There is a very high demand for S8 properties so filling it with someone is not a problem.  

@Jason Baker I attended the University of North Texas in Denton, Tx shortly after high school.

I will provide some thoughts on the San Diego purchase- virtually all high LTV mls purchases since rates started to hike have negative cash flow at purchase- historically great appreciation- historically great rent growth but recently flattening- prop 13 is great benefit for long holds- laws keep getting less LL friendly.

We go above and beyond when it comes to protection.. starting with insurance coverage, sings in the listing and in the property that there is no guard on duty (as silly as that sounds), putting extra locking device high enough so youngsters can't reach, an alarm/beep system to alert them that door opens for those with small children (or elderly) so they cannot wander out in the backyard with no one noticing and risk drowning.

I would recommend saving a little more.From what I've read about Cleveland is that you need to be concerned with high crime.