Are there risks or hidden costs I might not be considering?

My condition was that they rent the house for 1% of the costs and sign a 3 year lease.

The changes that have occurred in the past year is making sure the comps are truly there, getting the material costs down (or accurate) number with changes all the time on costs. 3.

My current lawyer has been a little hard to reach out. could you please let me know about how much is the cost?

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. 

A typical PPM will cost about $10K. 

Smart thermostats, in particular, can help you monitor energy use and lower costs between stays.I hope everyone’s experiences and perspectives help guide you as you start this journey!

Implementing water-saving initiatives is a smart way to reduce utility costs.

Most land bank properties, Detroit or Wayne County, are trainwrecks and cost more to rehab than they are worth - unless the market keeps improving.Be careful on the next one, but keep improving Detroit!

Cancellations are the cost of doing business.