If @Joshua Dorkin had taken on private capital back in the day to do marketing and increase business development and higher tons of developers and establish the publishing arm sooner, etc. etc. he could have grown more quickly. 

Currently, I have a 5-year ARM interest only loan and I am clearing over 6k monthly after the mortgage is paid.  

@Chad ReynosoMy recommendation is to get an attorney to deal with it so you are out of the mix and arms length away and going forward just have attorney deal with them

On paper it may look good but as Taylor said, you will have higher turn over, more problems with the tenants, etc.There are markets in Canada where you can still cash flow and buy a good house that doesn't cost an arm and a leg. 

Use arm's length lease-option documents along with the counsel of qualified professionals.Remember - tax is not legal and legal is not tax.

Would doing an interest only mortgage be the cheapest for lowest monthly payments, i want to get the most cash flow as possible, is the interest rate on that higher or maybe doing like a 5 percent 5/1 arm be better or lower payment, what eveyone thinks

The appraisal district doesn’t set the tax rate; they only decide what your home is worth for tax purposes.DO: Come armed with a specific value you believe your home is worth, and the documentation to support that figure.

I currently have an ARM loan which according to my promissory note is fixed until mid 2028.

Get yourself a decent umbrella liability policy that explicitly covers renters and you should be fine.

Make sure it explicitly explains the process for termination if you are unhappy with their services, but especially if they violate the terms of your agreement.3.