When the plumber came over to fix he stated right away that it was from the water freezing up in the pipe and then splitting the pipe under enormous pressure.

I have a 30-yr fha fixed mortgage at 3.5%, with PMI of $256 and monthly payment of $2,595.  

This includes maintenance costs (to fix things and also to spruce up the place when a tenant moves out, called move-out or turnover costs) and vacancy (for when you have an empty house between tenants, for example).

Seems like a simple fix but not sure what will be behind the wall.

The house needs some fixes, but they really aren't major, and i could do them myself.

After few argues with HOA (that one guy) he gave what was there around 4k..we fixed some but not enough.

We have done many fix and flips, including re-designs but this house has unique challenges.

Usually you'll be in a commercial loan 5 year fixed rate then adjustable after that. 15 year term normally, some will do 20. 

Is it wise to set up a 5 or 7-year fixed rate balloon term with this lender. 

I enjoy every detail of fixing and flipping very much, from rethinking the layout to choosing the color scheme.