100% financing, no payments, financing in extra "cash out" money upfront so you can do a rate/term refi once you pay them off... 

They like extra room to avoid accidents, etc....Just my $0.02....

They're pretty organized, but expect annual inspections and some extra paperwork. 

That way you wouldn't need an extra policy.

Before you close, can the rent from your buddy and the midterm tenant cover your mortgage, taxes, insurance, plus a bit extra?

You'll want to have an insurance agent familiar with rentals since a lot of the extras on your coverage that you will want, the average insurance agent won't know to give you. 

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

-A water heater issue resulted in repeated mismanagement—confusing unit assignments—leading to extra costs to fix the same issue 3 times and on each occasion "more fixes" needed to the water heaters that I plumber said was needed.

Using a family address could expose you to unnecessary risks in the event of any legal or financial issues related to the business.Additionally, these virtual offices often provide extra services like mail and package handling, telephone answering services, and access to meeting rooms, making them a more professional and practical solution.

Here's an example why:- One of our people made a mistake last year, and entered an expense of $1500 instead of $150 - they accidently typed an extra "0". - Fortunately, our transparent systems allowed the owner to catch it:)- Full transparency - we would have never caught this honest mistake:(An owner also needs to be involved to approve & fund large expenses: maintenance, property tax & insurance payments (if they want to be more hands off), evictions, etc.A great PMC should also have a chat with you annually about your future plans for a property and your portfolio.