I'd say we're currently on a 6 month cycle of pulling fresh data from them.Our data practices are evolving quickly :-)

(Draw was 5k, you receive $4,801) This is standard practice that protects the lender from giving money for incomplete work. 

So with the right vetting, solid leases, and overall best practices, you can actually do really well. 

Was going to handwrite letters to property owners in my immediate area and maybe include a photo of my wife and I.Can anyone give me any suggestions on best practices?

Of course, there is a good chance this will flare up again and I'll need to put your advice into practice!

BUT this is a whole lot of work , and spraying paint takes a bit of practice to get the rythm down to avoid runs and sags .

As standard practice should be with any rental/tenant, rent should not be more than a certain, set percentage of their income. 

The goal here would be to remove the PMI as soon as practical using the least amount of money.

in all practical matter you can not.in these highly competitive market and if you live in super competitive market, you should maintain high w2 salary and your spouse too.the theory of using dscr or other type of loan without w2 is possibly only in midwest market but in long term the trend would change as well.

Not only that but to have a rental practically next door!