Furthermore be careful of the "sales pitch", the Seller may be trying to sell you on. 

My initial criteria is to look for newer built houses to minimize maintenance and upfront cap expenditure on major items like HVAC, Roof, Foundation etc..

Generally there is a very minimal difference in rate between ARMs and 30 year fixed mortgages.

This would help determine if they are honest to begin with or are just trying to pitch you on a product and make a sale. 

REIAs are more speaker-based and sales-focused sometimes, with pitches, but can be great.

He also feels there is minimal impact and will continue with the coin.

Research comparable properties in the area to gauge pricing, rental rates, vacancy rates, and demand.Property Insurance: Obtain quotes for property insurance to understand the potential costs and coverage options.Survey: Consider getting a property survey to confirm boundaries, easements, and encroachments.Due Diligence Contingencies: Include due diligence contingencies in your purchase agreement to allow time for inspections, assessments, and resolution of any issues uncovered during the process.Risk Assessment: Identify and assess potential risks associated with the property, such as market volatility, tenant turnover, maintenance costs, or regulatory changes.Exit Strategy: Develop a contingency plan or exit strategy in case the investment doesn't meet your expectations or unforeseen circumstances arise.By thoroughly conducting due diligence, you can minimize risks and make an informed decision about purchasing the property.

I still think this plan is too risky, but at least it minimizes the risk some.

Currently occupied by tenants as well so need to minimize disruption.

On day one they just chanted about how much money you can make and had hard money lenders pitching loans to us.