I wouldn't consider a SFR to be a mistake if the rent can cover the expenses.

The next question is whether the property has the zoning to legally operate as a 2 or 3 unit building. 

Quote from @Rich Davis: I know there have been posts regarding the ever increasing cost of insurance.  

It's just not how you and most other investors think about it. 

Don't leave out scoping the sewer lines.

All geared towards the MRS. who as we know is the major decision maker..

Just depends on your risk tolerance with the fixed or variable rate preference and which makes more sense for cash flow. 

I hear if you fail it could take weeks for them to come back out so I just wanted to better prepare for that initial inspection and what to expect and also, any issues before then.  

I have been through there before in the past.

We just bought a house in a highly desired older neighborhood.The owner agreed to owner finance it with 5k down over 5 years at 0% interest.We did put some money into the house to fix it up some.The rental income will cover the payments.Always ask for owner financing, the answer might surprise you.Work with money partners to do more deals.Join your local Real Estate Club and learn new techniques and grow your network.