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. 

The equity model has risk in that it is not going to go directly as planned.  

@Tyler GarzaYour strategy has a solid foundation, but a few key refinements could help you maximize returns while minimizing risks.

How would you manage risk? 

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

Personal Circumstances: Consider your comfort level with debt and risk.

Can be done 100% remote, nationwide, all but 0 risk. 

In my opinion, making an offer site unseen is not a risk.

Plenty of people are happy they took those kinds of risks.

Right now there's huge concentration, but as this continues to build out and we see north of the high 30s GW by 10 years from now it'll be almost a requirement to keep some type of locality based risk assessment and to diversify.