Fannie instituted that former requirement due to "buy and bail" schemes during the Recession, where people with underwater houses would buy a similar home for way less than their current loan balance, and immediately stop making payments on the underwater home.

But today it also has risks that I would not know how to properly evaluate.

Certainly not on your first few deals and especially if you have proper insurance and make a concerted effort to provide a safe rental environment.3.

I have no one to blame but myself for not participating in financial decision making, carrying credit card balances, being ignorant of our retirement savings and mortgage details, having no personal plan for my own financial future, and never creating a budget.

The adjudicators also seem to nitpick on whether or not a filing was properly completed by the landlord so I definitely understand why you mentioned really understanding what is required of the landlord as the process could be even further delayed.

First, real estate development (when done properly) is effectively a wholesale cap rate investment play.

Your experience underscores the importance of me communicating with my cleaning staff regarding photographing any damages they notice, and making sure I have proper documentation for all services (which is not only beneficial for potential claims, but also for tax time!).  

If you need 4.5 to 5% interest rate  to make them cash flow then underwriting appears to not be properly done.

You can do a lot with prefab but it might get expensive if not designed properly.

Did they leave owing a balance for rent, utilities, or other charges?