I guess there's "one bad apple" in the batch.  

you're asking if you should buy apples or helicopters. 

For this to work, there needs to be good amount of equity to justify taking two loans / paying IO for 3 months & you need to make sure the property will qualify for the 30Y loan on the back end.

It's comparing apples to orangutans. 

Maybe more expensive than conventional financing but that is comparing apples and oranges.

You can also refinance and get into a I/O Interest only to lower payment and increase cash flow until rates take a steeper drop.

Reno has some great investments and industries such as Tesla, Apple, Microsoft, etc. moving to the area.

Reno,NV is a great area to invest because of the job growth with Tesla, Apple, Google, limited building, landlord friendly, low property taxes, and of course no income tax.  

Tech companies like Tesla, Apple, Switch, etc are moving to the area and bringing high-paying jobs.

we eventually refied after only 9 months with a significant noi increase through fannie becoming cash on cash plus a sizeable non taxable event along with 5 years i/o at a very low rate which allows for a healthy cash flow