There is no worksheet out there that will tell you whether investment A will be better than Investment B without factoring in risk.Sponsors can inflate the 'projections' to however, they see fit. 

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

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Should I try to get them to extend term to 24 months and drop the origination fee to 1%?

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

What should be my next steps, and what factors should I consider before moving forward?

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

AKA it is a way to access some of the money you've put into your home while also making sure you can still afford your mortgage payments and other debts.You will need a renter in place as rental income is apart of the calculations when underwriting these loans in addition to the other factors you mentioned like monthly housing expenses (PITIA: principle, interest, taxes, insurance, assocaited fees ARV, debt outstanding.

However, I don't like the potential constraints with growth on this (territory size, royalties, franchise fees, etc).I also like the idea of starting my own business from the ground up. 

Before that, I engaged in the Vero Beach, FL condo market, but opted to sell my properties there due to weather and rising HOA fees.