With that, you could cover the costs for renovations, closing costs, or even set up escrow for those senior living sponsorships.

Depending on the fee schedule and activity this can cost significant transaction fees and always includes some red tape and extra processes to go through.

Attorneys  dont cost, they pay. 

We have 2 San Antonio sub2 deals that are turn key homes and only require about $20-25k to close (assignment fee + closing costs).They're a great option!

Quote from @Dylan Webb: Have you talked to a lender to see what it would cost you?

Especially for the cost.

Insurance is still an annual dog fight via my broker.Read your policy very carefully, consider replacement costs will probably be higher than estimatesResiliency is a requirement here.As far as sell or not....it'll depend on your determination to be here.This ain't the burbs of the bay area.Prepping for heavy rain right now.

You have to put 5% down vs 3.5% down, rates are usually higher, but if you have strong credit, your PMI cost can be cheaper than that of FHA loans. 

Variable cost and CapEx are where I see most investors make errors on their Pro Forma.  

You need the backup option in case the mid-term rental market changes.Minimizing turn costs and downtime is critical.