Perhaps a 7/1 or 5/1 ARM during construction with a 3.3% interest rate and then post construction, modify it to a 15 or 30 year fixed mortgage with the original lender or else another one of my choosing. 

He's not armed, and he's nothing I can't handle.   

I would take issue- but I sure as hell wouldn't be in a position to have an appraiser inform me of this- I would have known.If I was the seller I would think the buyer either got cold feet or was trying to strong arm me since we were "engaged" in the deal.

They were homeowners right before the bubble burst, on one of those nasty ARMs and filed bankruptcy. 

Is that a Fixed 1-5 (@4.75%) with an ARM for 25? 

I noticed that no one explicitly mentioned that during my purchase.

When you pass the course you may or may not want to take the state exam for a State salespersons license however; you will understand the state laws and the procedures and you will not have to figure out who has the information that you seek as you will be armed with a low cost education.

Investors that think owning a income property out of state is a arm chair investment usually will go bankrupt if they leave their property in the hands of the wrong PM company.Investing is always high risk, higher when the investor does not understand how much involvement is required to make it work.

After reading his post I reached out to him via colleague request and like most if not all of BP Nation he responded with open arms and extremely helpful and more than willing to share how he has gone about starting his own Meetup/REIA in Fresno California.  

Adjustable rate mortgages (ARMs) can be risky unless you have a way of knowing what future market rates will be in year 5 of the loan or better yet (and perhaps more importantly), if cash flows will make sense for any type of loan.