Trying to hypothesize if I had a hidden agenda clearly shows you know nothing about me...which @Jay Hinrichs, you should know at this point as you have commented on my previous posts over the years. 

-Ray (see above) is the man and can get you hooked up with great rates and low-fees!

The issue I see most is the cashflow gets crushed by HOA fees and the added headaches of having them tweaking rules etc. 

@Loren Souers I'd have to run the specific scenarios with the rates and fees, but if you're OK with paying the higher closing costs, the Mortgage 1 deal looks good, particularly if you focus on CoC returns.

I know this will be deleted/hidden.. sorry!

I manage MTRs in NC and SC - our SC properties still cover their costs and then some in the MTR space even after my management fees.

It's much easier to unwind a fee for service relationship than it is a partnership.  

The interest rate and loan term remain unchanged.Fees: Most lenders charge a fee for recasting, typically ranging from $100 to $500.

I have already spent quite a bit on attorney's fees myself. 

Quote from @Matt McNabb: I'm a solid $400k/yr job in NYC and have $250k to begin investing as my first step into building a portfolio, although I don't have time to be a landlord so I have to account for management fees.