@Kay S.Assuming you are getting title insurance (which I recommend) the closing costs will be similar to a traditional closing.

The mortgage company gets paid off first, then in a traditional sale, the rest minus agent fees and utilities and closing costs goes to the seller.

Why are you looking at PML vs traditional financing for this type of deal? 

We got it appraised for traditional financing and it came back at $3.125M so we were able to get our investor their $1.5M back.

     * House is a 2699 sq/ft Single Family Residence| 3 beds, 3 bathroom | Built in 1956 | NO HOA     * There is a chance I could pay only interests so I can start saving some cash for the incoming maintenance and annual payment equivalent to the 12 monthly payments (~$5,029.77 per year during the balloon period)The advantages I can identify in this deal for me are:* Lower interest compared with traditional loans* Lower down payment compared with the ones compared for traditional loans* House is technically ready to be rented (waiting for the inspection) * Forecast - 3 yr growth (appreciation) is expected to be 8.1 % (Bigger Pockets)The disadvantages I can identify: * I am still vulnerable to foreclosure if sellers don't make mortgage payments to the bank.* Refinancing issues at the end of the Balloon Payment?

Maybe I can qualify for a traditional loan on another property in the mean time before I have enough equity in the VA homes.          

It takes time but worth it.How do you plan to finance your first property—are you looking at traditional loans, or have you considered other options like house hacking?

Enjoyed it but no way can you get to 1,000 of acres in traditional sense.  

I still have clients buying in Vegas, but it's not as common due to cashflows being hard to come by with the traditional 25% down financing.  

A HYSA is a type of savings account that offers higher interest compared to traditional savings accounts!