Never put the emotions when looking at any properties.

This means that wall street REALLY doesn't want to buy mortgage backed securities with loans at X.500% in them, they'd rather have X.625% or X.375% (people buy/refi/etc based on emotion not math, Wall St has data saying that X.500% people refinance really quick, one would assume).

If you approach the tenant about their pets, you will find that those pets become Emotional Support Animals instantly.

Most people just think of the payment going up and its scares the heck out of them so they will emotionally pick the 30 year fixed however the 5/1 ARM if used strategically with a couple contingency plans like rent, sell, lease option, refinance, etc then you'll be fine as long as you're okay with your contingency plans.Its always better to make decisions logically and pragmatically than emotionally which leads to doom most of the time.

@Oscar Toledo It sounds like you guys have a bit of an emotional attachment to this property.

Emotions often rules the day...and screws up your otherwise great deal.

Yes, I know not to get emotionally invested or get a one-track mind on a property! 

Businesses tend to also be less emotional and more professional.

So I think this is somewhat of a regional question like Jon alludes to.However I always look at personal residence separate from business and I buy purely on emotion.

Truth be told, I signed a quit claim and walked to ease the greedy husband stress on my son, because I can make more money, but I can't remake my only child's emotional well-being if that were to continue.