You are looking to create the biggest spread possible so shopping around for the best rate and terms should be a priority.

@Megan Paquet NelsonA good remindee why investors really need to stop price shopping on insurance and really shop based on coverage, a great agent, and actually read their policies so they know what their coverage is and isnt.

Also, improves your position in pricing should rent prices turn bearish unexpectedly during your vacancy time so you can be flexible in pricing in negative economic environments.Con's are more on the side of the whole concept of using the long term locked-in period with the bank essentially utilize inflation to 'short the dollar', as well as the more rapid diminishment of the mortgage interest paid tax advantage.All in all it is safer in a lot of respects to get to that property free and clear, but the major downside is missing out on the additional value that is derived from the power and monetary benefits that come from having a healthy expose to mortgage and other forms of financial leverage.

You chose a property manager without shopping around and comparing multiple professionals in the market.

This will narrow your shopping area then you can hunt for the deals. 

As realtor/investor who specializes in working with investors, I can be your one-stop shop here connecting you with home inspectors, general contractors, and property managers all of whom I know and trust.

Most enticing is it is located on a very well established street with a wall score of 92 - lots of restaurants, bars, shops and a park nearby.

Im wondering if it would be better for me to wait until I have the money in my bank account for a down payment, or at least another paycheck in the account (paid monthly) before I start shopping around for pre-approval letters.

Let's not pretend software widgets are 20 thousand square foot shopping centers...

That means you make 2k in origination and then 11k/12 = $916/month.Let's say they hold it for 5 months = $4,580 + $2,000 origination = $6,580 return on 100k so about a 6.58% return and your risk for that return is 100k, cause the deal you back can go sideways.There's a much safer way to make a better return.