It doesn’t cost you anything and gives the tenant time to rearrange their entire life around your decision. 

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

Refinancing has more nuances than it seems, and so do closing costs.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

You can also gain valuable experience virtually and offer low or no cost "co-hosting" services.

That may increase your cost or limit the coverage you can get.The Year that the following were updated (either partially or fully) would be good to know:- Heating systems- Roof- Plumbing- electricalSome companies will not write properties with systems that have not been updated.As long as you are living there, the proper policy for a 1-4 family is a "Homeowners" policy.

Procrastination will only cost them more. yep. carrying costs alone, but also if its not your money and investor money - some will try and drag it out. 

It could be anything... a mistake in estimating, a cost overrun, or something like the place burns down and the insurance wasn't properly taken out, or theft (of the money outright) or theft of materials along the way.    

@Cameron Porter ultimately the most important part is the ARV, inclusive of the expected rehab costs.

I personally do not prefer to hold high cost SFRs as LTR investments.