Excellent deal!

I'm new to the world of real estate investment, I'm very wet behind my ears, and it's been a pleasure to have found this community, full of tools, training, and excellent advice from the real experts. 

(since they'll both adjust every 5).What do I win?

I have excellent credit a good job and enough cash reserves for 12 months.Also I've talked to some investors who say they love getting a 5/1 arm and refinancing in the fifth year.

When rates drop it's a WIN-WIN! 

So, if two offers are equally good, the owner occ will generally win.

But all the towns u mentioned are excellent.

If I can acquire it, she'll rent it for the mortgage price, and let me keep whatever profit I can squeeze out of the sale of her house, its a win-win for me because i'll have a no hassle tenant for the next few years, make so money from her sale, and until she decides to move, she's putting equity in my pocket.

Yes @Daniel Ahern, structuring is something you see a lot when people are trying to launder illegally gotten money or people that win big at the casino and don't want to have to pay taxes on their winnings.

The ease of investing with a complete turnkey company, that has all the pieces in place and an excellent reputation, is of great value to someone who wants  to follow a relatively passive investment strategy.