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. 

Locate a Motivated Seller that will consider Seller Financing.

I liked student rentals and I found that didn’t motivate him.

If you are prepared for the costs involved and the modifications needed to the property to make the basement unit conform, the pay off of creating an extra rent producing unit is huge. 

It sounds like a few people on this thread don't really understand how PMC's operate or why they may charge extra fees.

Lock away extra supplies; trust is great, but accidents (or curious kids) happen.

The "online leads" trend becomes a vast pool of scams, each one discovering a new and "better" way to find motivated sellers via SEO/Paid adds/Social Media etc, and automatically aims to make a profit from selling those so-called leads.

The whole thing was ridiculous, and there was no one policing it, and homeowners and landlords didn’t want to pay the extra $.  

There are many ways to remove a tenant, but it requires knowing what motivates them.

Many of them treat the home as their own and stay long term.Multi's are nice because they generally produce more cash flow, but do require some extra attention.