What additional factors should I be considering when deciding whether or not PMI removal is the right choice?

That being said,  if a borrower is not performing as agreed and stops communicating with us, then we have no choice other than to foreclose.

If you are willing to come to the Fort Worth side you'll have a few more choices. 

If you can rent the property prior to refinancing it this will probably be beneficial for you since you'll have the lease to prove that the property is generating income.

Driving for dollars can be very beneficial in getting to know the different neighborhoods.

He made the unfortunate choice of loving NYC and stayed as a renter in Manhattan.In 2004, we both bought Investment properties, but I bought in Brooklyn, he bought in CT and cashed flowed about $1k per month.

I feel this will be a safe choice because the first one will be generating about 1200/m and facing any vacancies or unexpected incidents that could be very helpful.

Condos would be beneficial for cost serration but if the HOA are high and/or the rents are low then it obviously wont make sense.

Rehab choices - We decided to do a full refresh.

That would mean it would be illegal to do a sub2 wrap because by doing so you only have two choices, dont tell the lender or have the note called due.