@Khandbari Rai pros- you can make a  smaller  payment ( the Int ony  payment ) for  up to 10 yrs    ...cons - the rate for this program is slightly higher than regular amortizing loan ...if you make the min payment - your loan balance  will not move  down at all  over  10 yrs  -  the lender  uses the  full amortizing  payment for qualifying  ...at the end of 10 yrs - the lender will change the payment to a  fully amortizing payment for the  remaining balance over the  remainder of the loan term ( likely to be 20 yrs)

@Dan MahoneyI realize this comes 2 yrs after your original post...but a HUGE THANK YOU for your informative post!

FYI, i put this tub in new about 8 yrs ago, had it repainted about 3 years ago.

Domicile: WA State (income tax free)Property location (Texas): (income tax free)LT gains + Depreciation recapture ~ $300k on a $500k income property ~effective / average tax rate = 12% for past umpteen yrs (relatively low income, avoiding IRMAA and doing Roth rolls (no 'realized' income, just transferring from tIRA to Roth = vast majority of annual MAGI income)In the end (coming soon, ~17 yrs) ALL remaining estate will go to charities / Charitable Foundation / DAF.

They are buying at a 5 % cap rate with a fixed 5.7% loan amortized at 30yrs and first 2 yrs interest only, and they believe that they will sell at a 5% cap rate as well 5 long years from now.

For the past 2 yrs everyone has said in a few months rates will drop and all have been basically wrong.

Plan on selling it once the 2 yrs hits to avoid capital gains.

Now do you have a table of comparison of property appreciation in those 3 states for last 5 yrs and 10 yrs? 

Equity REITs (not mortgage REITS) are truly great though and have returned 1.5-2.0% more than SP500 over last 20/25/50 years in multiple retrospective studies, and are a great value purchase right now due to being beaten down by fast FED rate rise last 2 yrs, however to get best tax benefits, buy them only within a tax advantaged account like 401k/IRA etc as the big dividends are taxed very high at earned income rates.Good luck, wishing you and wife all the best on your investing journey :)               ps don't ever keep cash at a bank, park in your brokerage account and buy USFR, a wisdom tree ETF, pays 5.39% interest, holds only 8 week US treasury floating rate notes, so you don't need to worry about FDIC or SPIC insurance as only way US govt doesn't pay is if we get nuked, then you won't much care about cash yields, just non-radioactive water. 

Many people don't make a profit, obviously odds of success get better with experience/good team, etc.consider until you have more time to commit to instead look at buying publicly traded equity REITs, not mortgage REITS, they are trickyget subscription to Seeking Alpha and follow Brad Thomas, Jussi Askola and many others research/writing to start withREITS have beaten the SP500 last 50 yrs, by a lot, 13% to 11% just in last 20 yrs too, and they have taken a temporary beating due to sudden rise in 10 yr rates and hence CAP rates, but their underlying rent roles have only gone up.