By living in the smallest living space available, you will minimize your cost and also spread your risk among multiple tenants.

Both of those needed a bit of work (one ended up needing more than we thought), but we fixed them up to minimize repairs and get them rented quickly.

You may need to lower the rent to minimize vacancy loss and get a larger pool of potential renters but you will rent the apartment (with minimum vacancy loss).

To my simplified way of thinking the only disadvantage is the cost, which in all honestly is pretty minimal.

Could be a deal worth doing, but it might take a couple years to increase rents to market rates and minimal vacancies.  

I've always been able to get a preapproval based on minimal info about the offer price and the property address.

Minimal 21 day inspection period.

For a single home the fee will be very minimal. 

However, the advantage of the commercial loans is that closing costs are a lot less so the am length is really minimal. 

If your focused on the long term and want to hold on to a property that will break even/have minimal cashflow but your confident that the area will have accelerated equity growth than possibly the house may be more aligned with your goal.