I guess one of the questions is where to draw the line...

I like the perspective...just trying to draw balance.

I'm priced slightly below median rent rate and my home is one of the nicest in that rent class, that is the consideration I'm giving not a reduction in rent.

A question I have is what are the draw backs of using a property management company?

Unless its a very target type of property your going after but if its what 99% of BP folks go for SFRS your just one of hundreds hitting the same owners. so its the luck of the draw. and why its important in my mine to answer your friggen phone live5

Huge, huge risk that you are not taking into consideration. 

Also take into consideration of people sharing connections, only one person pay and the rest of the block share.  

Regardless of who you use for closing, I always get Title Insurance (unless the house is free) If you have issues or concerns other than getting a closing done, you need your own attorney.Depending on exactly what they told you, I would give some serious consideration to whether this is a title company I would want to use.

I don't see any reason why you couldn't draw up an Option Agreement.

In our case, it would have to be hard money lender (we don't have access [yet] to private money lender), and the financing cost would be significantly worse.I'm also a bit concerned about the drawing process.