I don't believe in marriage so I ain't paying no engagement fee.

Quote from @Saul Vargas: looking in Phoenix or Vegas, do you guys have a better market on mind?

Second pro is that you get to lower your living expenses or live "rent free" by having your tenants pay for your mortgage payment.

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

I'd love to hear what you're paying and who you're using for them if you wouldn't mind sharing, either here or PM.

My business is built around doing deals for out of state investors and my mind is BLOWN by how many flat out refuse to come visit, meet our staff or walk the property that they bought and we are rehabbing for them.

Over promise and under pay then keep delaying.

Mind you, they had my plans for months.

You can have a mansion fronting the Mediterranean, but if you pay too much for it, you're done.

Keep this in mind as you interact with them.