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. 

Most likely a "discount listing" Owner pays realtor a small amount upfront to add it to the MLS.

All this in addition to 6 other lease violations... 

I was fine with all these numbers.Then I met with contractors...First, I wanted to add a new bathroom and approximately 450 sq ft of additional living space.

Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

With the economy of scale in multifamily, each additional unit nets you a little more than the last, as a rule of thumb.

Additionally, we have developed templates for tracking key metrics that we require our PMs to fill out weekly. 

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

My last note would be to try to buy 3 or less replacement properties, it makes the exchange much easier and you avoid some additional rules.

Additionally, their marketing was very compelling.