DC is one of the lowest cap rates in the country.If you have a long time horizon, and have patience, with the areas strong rent growth you can end up with more cash flow here than a high cap rate market.

Has anyone had success with the course?

I would like a fee schedule where I would pay per call if possible, as opposed to a monthly rate since most things I will take care of myself, except those items listed above since I’m not in the area. 

Rent rates will go up, but your expenses should remain stable or go down.

Do PM's typically take $ of the top of repairs after they have negotiated lower rates?

Wait a few years and you may be able to do a rate and term refi to remove the PMI

Lenders are going to charge an origination fee and interest rate for each project.

I'd like to rent the property out for a few years, see where interest rates are at the end of the balloon, and decide whether to refinance in order to keep it or sell it. 

and as for rate its market.

When rates drop, the option is to refinance.We're in the same position. 2 deals with ton of equity, yet have to wait until rates drop.I guess it's a good problem to have but it can be frustratingGino