I don't think it's a bad thing to rent it because depending where it is you'll cash flow pretty well, but I would think you could do more with that $100K+ in Texas, I could be wrong though.Word of caution, if you plan to refinance it to get your $40K out you may need to stay for a year depending on the type of loan, otherwise you could be committing mortgage fraud. 

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

As I was getting in the car I realized I was looking at the wrong house.

Nothing wrong with multiple layers if done RIGHT...here in Florida 2 layers is permitted and insurance cannot deny coverage and you do NOT need to disclose on sale because code allows it.

Could definitely be wrong though.  

The QI you spoke to is wrong. 

But that is just a hunch, I'm probably wrong there too.

There is nothing wrong with putting 7 days for deposit, and 45 or more days to close.

A kitchen and or bathroom remodel is going to be much more expensive than a bedroom remodel.Using a Cost per SF can be a handy quick rule of thumb for estimating rehab costs, but only if you understand the Scope of Work, repairs, materials, level of finishes, etc that are included.Shawn does very high-end luxury rehabs in Los Angeles (correct me if I'm wrong), so his $ per SF values are substantially higher than what I am paying for my average grade rehabs here in suburban KC. 

Maybe I'm searching for the wrong thing?