I’m guessing what you call “too much EM” is likely typical for Real buyers in your market.  

The neighbors got to stay and the HOA got to essentially "keep" the money.

The only strategy I have seen so far, and I forget who provided it, was to try and clear as much debt as possible on single family homes and pre-qualify for HELOCs of other lines of credit to be able to start buying at the downside of the cycle.One person mentioned in a facebook group I am in, essentially, "don't worry about it, just hold everything tight and wait it out, it will correct itself."

Primary Occupancy does have 3%, 3.5%, 5% options as well as MHDC Grant Program Loan in Missouri allowing for 0% out of pocket essentially. 

Also - with this being my first investment property and first time working with a CPA, I have no idea what the typical fees are.

@Jacob Chapman You're exactly right, rent to own is essentially the middle ground between renting and selling.

I'm doing some math on a couple houses and I figured I'll reach my max DTI after two houses with a typical local bank and their conventional loan products. 

I manage in Barstow Ca, I think the climate is similar to Arizona where you are, I install window swamp cooler, those guys cool up to 1200 square feet house very effectively n the power consumption is s no more than a typical appliance.

If the lot is zoned RSA-5 (pretty typical residential zoning in Philadelphia) you should be able to build on 70% of the lot if it's a median lot and 80% if it's a corner lot.

I’m looking to get my house rented out by January 2019. How long does it normally take to find a good tenant?