I have the deed but cannot technically control the property!

What is your RE investing background/experience?  

They do national eviction searches as part of their rental background check, and they do a criminal and credit check, too.

One thing to consider is that I don't believe it is technically legal to VRBO/AirBNB. http://kutv.com/news/get-gephardt/air-bnb-rentals-...I did have a friend who used his house as a winter ski rental and seemed to have good success with it.

Technically you are getting 100% of the loan.

This will invaribly be different for each rate and scenario but just a general gauge.Even though rates are in the 3's and 4's the monthly payment or what we call the "mortgage constant," on our end is higher because your payment does not consist of just interest, but interest and and 1/360th of principal on a 30 year fixed loan which is designed to amortize/payoff to $0.00 balance by year 30 or 360 months.Typically a rate around 4's will have a monthly mortgage constant of around .50% monthly (6.00% annual) or about $500 per month for every 100,000.Sometimes when the rate gets into the high 3.50% range the MC is around .45% per month ($45 per month for every 10,000 borrowed) so it doesnt vary much while at 4.50% 30 year fixed the MC monthly is around .507% or $50.70 per month for every 10,000 borrowed.I suppose all this technical speak means is that if you borrow money where the outflow out of your pocket is around 6% with interest and principal considered then you'll probably want to reinvest it somewhere else where you can get considerably higher rate of return on this cash than 6.00% atleast this is how I look at it.If you want to make 6% + 6% for cost of funds then you'll want an investment with a hurdle rate of 12.00% or higher cash on cash as an example.

Make sure you do a in-depth background check and credit / income verifications as well.

The main goal is loan modification within non-judicial states on NPN's and I know I can get a much better discount, a bigger turnout, and through due diligence, can be handled if a foreclosure is necessary (looking ahead of time into the borrowers background, mortgage history, source of income, The market value minus the expenses, the process of foreclosure, etc.) 

And others are telling me that I technically do not have to live there.

For one reason, a quitclaim is not a true deed at all since it is technically not a conveyance.