Problem this company wants you to pay $50/year, have a shredder, lock box, and your property inspected to give more 'inside' data. 

If so, then I think it is best to buy with private money or with your HELOC so that you can get the property's value as high as possible before putting it on permanent financing.  2) If no rehab needed then I would get it locked in at a great rate for however long you are comfortable.  

If you want to leave it empty at least secure the place putting in good locks and maybe security doors. 

Ideally, we would lock-in the sales price before actually closing on the property and get a contract in place for the end-sale. 

In 5 years, there is a possibility that the property will be worth much more...and to be locked in at a price for that long with that Tiny down payment does NOT seem attractive at all.I am extremely open to your IDEAS/Suggestions/ADVICE.

By using your cash on the front end to handle any rehab you have it allows you to get the ARV higher for when you want to get some permanent financing, which in our market with the rates you can lock in at for 15-30 years, is a good deal. 

I countered this with"Generally, a landlord cannot simply take possession of the rental property, physically remove the tenant or their personal property, or change the locks."

Just locked a rate for a SFR for 4.675% 30 yr. should close befor year end (25% ltv).  

We have 5 small multi-family properties, all financed with traditional 30-year fixed rate loans locked in sub 4.75%.  

Once I find a tenant we will lock it up.