We were told the addition of any other pet-related up-front charges would likely not be considered favorably by a judge. 

Can you share some additional numbers about the investment property you're looking to buy?

Duplex have different zoning that may permit additional units.

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. 

Making additional payments or taking a shorter term are just depositing more into that savings account (it's not like the property appreciates more by paying down the loan). 

I could buy a LOT of umbrella (additional liability) insurance for $13,000.

As you grow your portfolio, they can help you secure additional funding, refinance existing loans, and adapt to changing market conditions.Financing doesn’t have to be a roadblock to your real estate dreams.

Additionally, as a new investor, I am curious if you would recommend this strategy based on your accumulated knowledge and expertise.

I was interested in something like owning a rental property as a way to generate some additional income. 

I’d appreciate any additional suggestions you might have!