When you're making an MLS offer it's most often essentially a nameless faceless type of situation. 

@Steve Babiak In a sfr it is legal to essentially overload the system, with assumptions about usage allowing it.

That mortgage insurance is essentially money that is not being used to pay down your mortgage.

This isn't for a specific property, but just a general question I have been thinking about.If you have a nice SF residence in a good school district (which would likely be one of the key features of the rental), how much would you drop the rent if it wasn't rented by the start of the school year?  

The house is on Cotswold area of Charlotte, NC and is in historic district.

Should I take the plunge and invest in a non-primary residence property and essentially learn through trial by fire?

At this point, I'd say getting one deal done is the most essential from a learning-curve perspective. 

Most lease agreements you will find online will be good enough but you will need to educate yourself on how to evict a non-paying tenant if you haven't already.Check rental history at a minimum by going on the district court website or using beenverified app on your smart phone. 

It was built in 1863 and it is one of the first house in historic district town.

This is how we have gotten into many properties without tying up cash long-term.Private lenders can close very quickly--essentially making you a cash buyer.