Generally a higher cap rate indicates a lower credit tenant which indicates a higher risk to the property owner. a 10 cap is a great deal until the tenant goes out of business and leaves you with a Negative 10 cap as you are on the hook for all of the expenses associated with ownership.You should consider creditworthiness of the tenant first and foremost. 

Properties will be close by (30 mins) and currently do have the time to my knowledge of what it would take to self-manage.

Take the longer amortization and the lower rate where you can make Bi-Weekly payments and add a little extra each month to manipulate and lower the rate and the term.

My two cents, with the economy the way it is right now and prices rising I would rather have lower monthly overhead and you would save that 600.   

I have a lot of experience and can tell you that the majority of renters ask to sign a longer lease because they want to distract you from looking too deeply into their past, they want to entice you to select them over other qualified renters, or they want to negotiate a lower price.

Especially if the hotels start asking to pay the lower taxes.

When rates came down we also did a couple of cash out refis on appreciated properties where we also took the proceeds and paid down other notes - again increasing cash flow by paying off higher interest rate properties with lower interest rate refis.

If you want to make a copy, have them meet you at a set location at a time that works for both of you-find a hardware store near where you live (they don't have to know that is close to your home-tell them it is half way between the houses). 

It's pretty hard to invest with $8k since most lenders have a $100k minimum loan amount, meaning you will need about $35k to buy a property after the 20% down and the associated closing costs. 

I've got closing agents in GA.