Unfortunately they forgot that they just removed their qualifying income from the equation, so they just narrowed or eliminated their financing options.

I have no problem giving up some upside to eliminate the personal debt obligation.Best of Luck!

I understand I am eliminating a lot of potential great deals.

Other professionals will come to you and say that they will help you develop a system so that you can try to eliminate the need to hire a professional for commodity work.This is incidentally what many in-house lawyers do for their companies --- they make sure that the company is not wasting legal fees.

Whats your process on cleaning and repairs on their way out and before the next tenant comes in to eliminate any days vacant? 

The only exception is if someone put 20% down or more, in which case PMI is eliminated after 11 years.

I do have some cash to put more down but I think id rather use that capital to do some rehab to force appreciation and hopefully eliminate PMI.

It is my hope that local cities will see that there there are markets for both types of consumers and find a middle ground that will work without eliminating options.  

-Get a non-FHA mortgage, pay the recurring PMI at first- knowing it will (hopefully) go away after I've built up 20-22%+ equity in the property.Assuming consistent PMI costs and interest rates between options (before &/ after refi), the only scenario in which I can see the second option being more beneficial is if I had put enough money down to hit that 20-22% equity level within the first 12 months.This seems implausible due to mortgage payments barely paying off any principle in the first year, not to mention I'd think the only way I could attain that level of equity so quickly is if I had put down 15%-18% initially, which virtually eliminates the benefits of a "low" down payment.I don't have any specific properties, institutions, or rates in mind, and while I'm sure these questions would be more easily answered on a case-by-case basis, what are some considerations I may be overlooking?

Continuing to contribute while you are young is also something I would highly recommend.To the point made by @Si Chen above, the alternative of a checkbook IRA LLC eliminates the need to have the custodian process each and every transaction.