So your Principal and interest payments for this property would be $1020 (30 year mortgage at 5% interest.)

We used one of those legal websites and here is the language we used with repayment specific to our situation.Loan AgreementDated: __________FOR VALUE RECEIVED, the undersigned, NAMES (the "Borrower"), located at ADDRESS, hereby promises to pay to the order of NAMES, (the "Lender"), located at ADDRESS, the principal sum of $XXXX together with annual interest of X% on the principal balance, and in accordance with the terms set forth below.Payment.

I would leave it alone, or just make early payments till the principal payment is substantial bigger than the interest payment (like 80/20 ratio) and then let it ride.If you refinance (which you can do at any time), what would you do with the cash flow?

I do not disagree in principal however stats do not support the need at this point in time otherwise, as I stated, the word would have spread wider and much more than 50% of investors would be on board.

Principal, Interest, and Mortgage insurance? 

For FHA, here are the stipulations for military out of HUD 4000.1: "(7) Military Personnel Eligibility (a) Standard Borrowers who are military personnel, who cannot physically reside in a Property because they are on Active Duty, are still considered owner occupants and are eligible for maximum financing if a Family Member of the Borrower will occupy the subject Property as their Principal Residence, or the Borrower intends to occupy the subject Property upon discharge from military service.

As the owner of quite a few rental properties, my husband and I would never allow a property management company to be responsible for making sure our mortgage (principal and interest), taxes, and insurance are kept current.

When times are good, you have the ability to increase your principal.

could be interest only or interest plus principal.. 

They have experience, attorneys on staff,etc. to where I just find the property.If it's a newer buyer which I specialize in there will be a lot more heavy lifting involved to get to the closing.I am a principal broker so my structure is different than listing brokers.