The real numbers are more complicated because while we count mortgage payments, the reality is some of that is for interest and the rest is against the principal, so really some is going to you in the long run, but is currently tied up as an expense. 

I would do a minimum of 6 months of PITIA payments saved (mortgage payment + insurance + tax + HOA) and put aside $15k for closing costs (it should cost less but to be safe).

Obviously, lowering the fee and raising the rate is an option but that feels a little bit like spinning my wheels.At some point, if I'm dropping my rates far enough to compensate for a high cleaning fee, we get into the conversation of "is it even worth it to rent it at this rate and risk property damage, 4 star review, etc".

Q1) Is there a minimum interest rate requirement?

I guess you would call me an "accidental landlord" as I was able to take advantage of our interest rate on our first home.

You can imagine this can swing interest rates on refinances significantly dependent on the extent of that score discrepancy.

I've been using a website called "area vibes" has alot of detailed info on any neighborhood you need, like the demographics, crime, schools, it rates everything using a grading system.

And in regard to rent they more or less guarantee that your mortgage is being paid.

Also learn to do stress test on your portfolio if something happens (higher interest rate, vacancy, etc).5- Enjoy: You need to love doing that.

After digging alot I found out Yellowfin has been suing to recover 2nd mortgage defaults from 2007-2009 housing crisis.