In Kansas, my understanding is that you have to have an electrician to tie anything into the breaker box, so you can't DIY much, if any, of this job. 

From what I hear a property manager can be what ties everything up and does the most from any other party (lender, agent, or contractor) and will clear up a lot of confusion.

Haha yeah I believe the hot California ties in with the reduced stories of rags to riches in that market.

I was looking at it and am currently tied up in another deal. 

It also has some not as nice areas, so your mileage may vary and it's a good idea to have boots on the ground you can trust (who aren't tied to your purchase and be 100% honest with ya).

@Heather Dane - Check out Costco bank i.e ‘Bank of the internet’ which is now Axos Bank as of late 2018/Early 2019They have coverage in all 50 states or at least 48 from what I know and int rates and loan fees are undoubtedly one of the best (if not the best)...Costco would t tie up with them otherwise.We did a cashout refi on our primary back in late 2017...I’d highly recommend it

From what you described, it sounds like the property could be considered a condotel and most likely is ineligible for conventional financing per FNMA or FHMLC.There are fixed rate options but ensure to compare to current ARM and see if it makes sense to refi  ARM is not a bad or risky loan, so long as you understand it’s components, i.e. caps, frequency of adjustment, index that it’s tied to, and the margin.

It's just a numbers game, and the more deals I come across and put offers where I feel comfortable with, the higher the chances I land one.I think right now I feel some hesitancy because the market is super hot right now, and I don't want to be in a situation where I've tied up most of my money into a deal, and the market declines.I've talked with a couple multi-millionaire investors who suggested waiting for the next market correction to begin acquiring properties because I'd be able to find them at a better deal.

For instance, if you have $10k tied up (long-term) and cash flow $1,000, that's a 10% COC ROI.

From the lender:The mortgage instrument ties the responsible individual to the loan and ultimately the collateral (the house).