@Michael Van i want all my downpayment capital back in 2-3yrs (breakeven point in months) and a monthly cashflow of $400-$500/month.a 3rd but very important factor is ARV in 3-5 yrs.

By the time the realtors and uncle Sam get done with ya, you will probably wish you kept it 10 yrs from now.Maybe deals are easy to find in your area? 

Banks usually need 2 yrs of rental history to consider the rental amount as your income.

If they want it owner occupied then you will be moving from Ballston Spa to a questionable neighborhood in Schenectady for 5 yrs.

I have an extremely motivated client that saw my "CASH 4 HOUSES" sign on my car. He is ready to sell because he has two houses, which translates to 2 mortgages. He is willing to just have the loan paid off or payments...

I have been doing this for 6 yrs I think.  

It means after the initial 10yr term, they can renew for 5-yrs at a time up to four times (for a total of another 20 years).

Or is the 7% over the life of the loan (30 yrs) making the monthly payments $10,402?

I've managed and now own my parents properties so about 60 of rental business in the family, my mother worked for a district Judge,,, his advice to her early on in their rental business was do month to month terms,, so for 60 yrs that's what's it's been,,, longest tenant was 16 years,, average is 2 1/2 years if single and young,, 6-7 years if single and over 45.. it seems,, I only rent single occupancy,, and it seems that's been the about average,, I write up rental agreement say I will keep rent rate the same for 12 month,, if they move out before 6 months they owe a redecorating fee of $250.00  It's worked for us but we had smaller buildings.. 5plex, 6plex, 4 plex.. all 1brs.. 

I live in Atlanta and have worked areas 1-2hrs away for 3 yrs now,,, why?