If you truly have cashflow to spare I would personally look at the 15 year.

Meet in person.

I personally have a separate account for each property I own.

Hey @Mario Morales I assume you're planning to purchase the new property under your personal name rather than through an LLC?

I have sold some properties years ago on lease options where the tenant buyers actually exercise their right and purchased the property. ( I was in the deed.)The reason I am concerned to tie another person’s property up  with the lease option is that people can change their mind, as in the seller.  

Personally, I would pay off the higher rate first. 

A landlord policy can be a commercial policy or a personal lines policy.It's the same as asking if you should buy a single family rental or a 1 unit building.Focus on the coverages and disregard the name of the policy.

Quote from @Sara Valentine: I have rented my personal home as a fully furnished/lots of amenities 3 month rental jan, feb, and march the past 3 years.

I am eyeing up a property I want to buy that costs much more than usual so my plan was to use a hard money loan to purchase, and rehab it with my own money, then sell. 

Real-life reps, to me, means seeing properties in person, whatever your asset class.