I would assume the $595/month includes principal and interest so there is ~74 months left on the contract. 

I told myself I would never let an attorney have the upper hand and set forth to become an expert in any endeavor that was my principal game.

Now that I have 12, I am understanding the "ebb" or "flow" of operating capital and  how to easily keep 6 months reserves, it is all easier with more cash flow now, in a few years you can refi or pay extra principal if you like.  

It also gives some tax diversity as you could sell a small chunk of index fund/ETF (<1% of portfolio) but generally have to handle/manage a big tax hit on 100% of a single family home.Perhaps good idea to arrange line(s) of credit (can be both low cost and low interest) while income is still high.I like the recommendation of converting rentals into principals to help with tax.

@Chance B.As a principal, you can add or delete language in any agreement.

Does it require interest only payments or are you also paying principal?

The loan amount will be around $577,000.5/1 Arm 4.5%, interest only + 2 points (around $12,000)30 year fixed rate 4.75%  no pointsThe payment for the fixed rate will around $1000 more per month than the 5/1 arm but it's also paying down the principal.

Meaning that I can get a grasp on the rental market for the summer months (and spring/fall/winter) while having lower interest-only payments, but also making principal payments with the EOY rental income that I end up with.

We had a middle manager set the prices two years ago and we are not happy with the amount going to the principal $1000 rent of which $400 is going to principle on $106,000 investment from us.

If you have a HELOC you can pay it back to the "mortgage" thereby lowering your principal and reducing the interest charged.