Getting the lower unit separately metered seems like a pain.

This could reduce your help lower your taxable income if the investment aligns with your lifestyle goals.

Even in a lower priced investment property, like a small SFR, what does the investor without a contingency fund do when say the ac or a furnace need replacement?  

The "land basis" cannot be depreciated, so your depreciable portion will be lower than $350k.We typically consider $1 million in building basis as a rule of thumb where it makes sense to evaluate the potential benefits.

Find a private lender who would give you that debt for a lower amount.

It's also nice that they have their own recommended insurer, those rates are much lower then what I would pay up in the northeast. 

Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

If you tie the bonus to a new lease, a bad employee will lower standards to find tenants quickly.

They will be able to update you on what you need to do to help fire proof your home, and if there are any other options to lower insurance like external fire sprinklers, sealing up, attic vents, defensible space, etc.

By investing in metropolitan areas your yield would be lower (6% to 7%) but you would have a lower vacancy rate.