I've noticed that you favor 100% cash down on the first one to achieve the same thing.I'm just suggesting an INITIAL 25% down, rather than John Armando's suggested 20%.100% cash-out refi will then be that little bit easier.

However; even in subdivisions with multi million dollar homes here in So Cal, I notice they're using vinyl. 

Once you own the land then you have to give notice to vacate.

Wayne, I notice that you are an investor/Agent?

I don't have to deal with anything if something breaks, I don't have to shovel snow, and if I ever want to move I can just pack up and move with a couple months notice.

Did they give notice to the prior landlord - - that's the way they will treat you too!

If not you will notice a shift in attitude.Instead we tie good tenant behavior to a discount in rent, movie tickets or something that says "we appreciate that you are a good tenant".

I do feel that downside is minimal as this is a relatively urban area somewhat near colleges so I do not see a circumstance where apartment demand decreases substantially. 

Often in many areas I notice that people can't find good deals or the market is flooded, here it is opposite there are many deals and low cost of living allows for lower upfront cost and risk.

The department I work for will strip the home of roofing and certain other fixtures and arrange a dumpster to be hauled off as a way to decrease unnecessary smoke products.