You need to spend time on damage control.

., more than half of the calendar year) for the Borrower's personal use and enjoymentThe Borrower may rent the property on a short-term basis provided that the property is not subject to any rental pools or agreements that require the Borrower to rent the property, give a management company or entity control over the occupancy of the property or involve revenue sharing between any owners and the developer or another partyYou were right @John Transue and @Keyla Rosario and @Brent Huling I only need to occupy it part time, and can rent it out with no penalty of fraud. 

Real estate is subject to annual property taxes - you have to pay property taxes every single year, and you have no control over the tax rates!

i would say if you were GP on this hypothetical deal, then go ahead and do it. you could do a few more deals after this one and pay off the loan faster. if you are simply a LP, its risky since you have no control on how the deal goes. i did a similar strategy with buying a duplex but i have full control of the asset and how it is run. if you are going to be passive i would try the solo 401K route.   

Innago has more controls over payments.

This is why people are now buying at 3% cap rates...they are seeing the out of control rent growth and they know that the revenue stream is growing--rapidly.

Should I add in monthly pest control and if so, is that based on per sq foot of living space?

When we left last year in Oct we gave her permission to enter the apartment to control heat and replace the heater box in the bathroom.

What you would have is actually free money...if you know how to control the costs. 

What if they suddenly get rent control like Saint Paul Mn where you can only raise rents 3% per year?