The note industry is "Get Rich" is NOT "Get Rich Quick" "Simple" but Not "Easy". 

I will do more research on the 5/1 ARM, as I do think I misinterpreted what the lender was communicating.

We want to explore rent to own option with tenants so we figured we would be communicating with them.

I would also recommend reading Rich Dad, Poor Dad & The Richest Man In Babylon.

And like Kenneth mentioned, this is a get rich slow "base hit" type of strategy... 

I've read rich dad poor dad a couple times and am always looking to learn more.

Running a successful STR comes down to 3 Ps: pics, people & pricing.1) Decorate your house nicely & pay a professional photographer to take some amazing pics2) Hire amazing people - cleaners, handyman, recruit some neighbors to help fill in the gaps, & self-manage or hire an offshore VA to manage the property if you’d rather make yourself rich instead of making a local PM rich (more on that here: https://www.biggerpockets.com/... )3) Price fiercely to maximize profits not occupancy (they're not the same thing)

Some of my other favorite area - Rich Dad Poor Dad, Cash Flow Quadrant, and Richest Man in Babylon. 

Get Rich Education Podcast EP 274

It seems like the common theme for investing OOS successfully is creating effective teams and systems in the market you'll be investing, and having solid, reliable property management who you communicate with regularly.