In this area, people usually rent for 1-12 months, and the rent is 30-50% higher than unfurnished LTR.

We've used a couple in the past.

If you think rates might drop a lot in the next couple years you might have an opportunity to refinance into a lower rate before this move would pay off on this first loan. 

Not sure where you are at with flips as another potential stream of real estate to get into but that's mostly what I work with.We have a couple deals on the east and north side that might be worth looking into if you are looking to expand.

They've been overall happy with it, but you are going to be more involved in the process than you would be with a full service PM on board. 

Wait a couple years at least before selling

No different than an appraisal.

Therefore, I will need to raise rents significantly to get closer to the pro forma market rent rate.

This is 100% top advice to think about - each state (and sometimes, often municipality/city) will have different processes, rules and yields for this - it is a very location-specific strategy and have to hyper-focus on a local market (more even for the rules/process than the real estate knowledge) to have success

Here's how you can find good deals on properties that might need some work or are priced lower than usual:Connect with People - Make friends with real estate agents, lawyers, and others who know about properties that need to be sold quickly or aren't in great shape.Reach Out Directly - Send letters or use websites to contact property owners who might want to sell fast.Look Around - Drive or walk around neighborhoods to find houses that look like they need fixing up.