Since this was our primary residence, we went a traditional route through a realtor.

The reasons appear to make sense in theory - less risk from vacancy in particular, less expenses (but I'd be happy if someone can shed some light on this).

You certainly could take out a traditional mortgage to buy a property, renovate it and refinance it.

Hey BP! 
I'm a seasoned Commercial Real Estate professional (Buy and Sell Side) and getting started with my own real estate business. I just launched my first short term rental in Sacramento and now looking for new p...

Additionally the house I own and live in now was purchased with a traditional loan.

You can get traditional financing, just be very very wary of GCs and timelines and costs.

Do they want more exterior lighting for safety?

All I need to do is cancel the lease and she has thirty days to make her exit before I begin eviction proceedings.I do not say this lightly, but these people have made their own beds.

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

(gross rent minus expenses, lighting, debt service)Currently, the deal is priced at about a 9% cap rate, so I imagine the location is quite rural?