If an extra $80/mo on a hundred thousand property is going to make it a bad deal (reduced year after year, and BONUS, more of those tax deductions you were looking for.) then it’s a bad property to buy. 

With hard money you have fewer dollars in the deal and therefore increase your IRR dramatically (and in some cases reduce your risk).

It sounds like you might be renting to a family member for reduced rent.

It's definitely an exciting and stressful time but very much looking forward to the Dad life. 

Don't let the stresses get to you too much. 

I can' stress how important it is to have an awesome property manager on the ground to both screen and be responsible for bookings as well as deal with problems immediately as they arise.

That's because insurance companies consider the fair rental value of the unit and reduce the check by any avoidable expenses.

Structural engineering could be done prescriptively, however with the high wind and slow loads and mountainous siting, I am leaning toward using an engineer I've worked with on many projects before for a reduced rate, say 2k.

Chris Of all the banks I have gone to - small / big / coops - you have a selected who do financing on investment properties and than if they are condos and are nowarrantable the number reduces further.

With freedom comes a TON LESS STRESS.