Rates are going to be higher this route and you may have an adjustable rate mortgage or balloon. 

Also, the adjustment for increased taxes somewhere in year two.

How do you then adjust the security to reflect even a small charge?

Finally, the refinance aspect; I did adjust that from 1- month, 3, 6, 9, 12-month refinance and it didn’t change the numbers at all outside of what the refinance option of 6-months displays.

I'll definitely do that right NOW and adjust my starting point to allocate half to a "rainy day" scenario.

And it costs at least $1000, so I am trying to see if I can adjust/cancel it.

A business is about risk-adjusted reward.people who get dazzled about Arbitrage are clueless about the risks. 3 to 4% mortgages.

I understand that PM is not a glamorous business; however, I am lucky that I am young enough to gain experience in an area inside of real estate that will help me further on throughout my REI journey.Biggest piece I can give you is adjust your thinking on remaining small.

If it makes more since to start with the BRRRR in a single family home using the VA loan or one of the other loans, I am willing to adjust. 

With better locked in rates you can have longer safe returns w/o worrying about future rate adjustments that are common to commercial lending.My duplexes were both owner-occupied by me and my experiences were very positive.Another person I know owner-occupied a 4-plex and was overwhelmed by the picky tenants, and the fact they were right there.My experience is that single family homes and duplexes command a better tenant than apartments.