That's another factor to keep in mind if your market makes it difficult to lower your expenses--it can still be worth it for the equity and  appreciation down the road.

The rate will be high on the second though, so you may need to factor the blended rate. 

I've been marketing my rental thru rent redi-they charge a $49.99 fee per application. 

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.

I’m ok with it taking a while and some paperwork though and up to a couple grand in legal fees especially if I get to keep my downpayment and my parcel.  

From my research in the market I was expecting ~10% of the monthly rent and possibly a procurement fee, but that seems to really just be brushing the surface.

It's the same work to do a $55K loan as a $500K loan so the fees will be higher due to the loan amount but will still be much lower than what a lender or broker gets paid on a higher loan amount.

They charge a flat fee per bedroom so it's always predictable. 

@Jonathan Jones I know of two subject to deals in middle TN at a 4-5% rate. 25-35K entry fee.

In a different area in the Panhandle, If there 300 beaxhfront two and three bedroom condos within a 1/2 mile then they may pull $60k while a 5 bedroom with a private pool 1/4 mile from the beach might pull $225k while purchase price is only 20% more and no hoa fees.5.