You denied them based on the information on their application. 

Hey Chris, my partner is actually based out of Reno, NV.

The challenge arises as the city permits only true divided lite windows, leading to a cost of $40k for 4 custom-built wood arch windows to replace rotted ones facing the street.

So sustained maintenance should not be your concern, your concern should be on how fast you can recover the initial cost of the hot tub, the maintenance is not the issue.Argument #2 Seems like this is based out of fear and the unknown.  

I'm sure my cash flow could vary based on the loan I would receive since I could use a first time home buyer loan but lets assume that I use a 30 year fixed FHA mortgage at 7%. 

In 2008 when the last bubble burst, the multiple door investors who overleveraged against equity, were my best customers.

So, look at comparable rentals to see what you believe market rent is and base your decision making on that.

If you're looking to build your own, you also should build your own comp base.

I just purchased my first property in Forth Worth to flip and I am based in Houston.

Honestly I’d probably end up diversifying sales proceeds into stocks and some into DSTs to broaden my base.