Most standard leases have a 24 hour stipulation.  

If you can't pay it back it becomes an early withdrawal with associated 10% penalty on top of being taxed at your standard income rate.

My preference is to include language in special provisions, along with my other standard provisions I included in this section, and I find it draws less attention but the title companies have never balked at the language and closed the deals.

As far as ongoing management that is a pretty standard fee that you can benchmark and give a slight discount versus the professional property mgmt companies.

The main difference we found is that you cannot use standard Fannie Mae forms for commercial closing. 

And if the house is not fully up to rental weatherization standards, does the bank have to foot the bill to have the work done before ownership is transferred to me?

If AC is standard in your area, you want that to take into account.

I too spent lots of time and too many dollars on a Doctoral Degree that I no longer use (clinical doctorate in physical therapy-so a whole lot easier than yours:)....Investing can do the trick for you.  

My general rule of thumb (and obviously I'm focused on "what will screw with you getting a mortgage," so if that's not you, feel free to disregard) is that if your taxes are simple enough to use 1040ez, you're salaried W2, and you're taking the standard deduction rather than itemizing, go for it with the software. 

After rehabbing costs (you will be inspected by a HUD inspector, and have to meet minimum living standards, which are not that minimum), assuming a 10% vacancy rate (not really a vacancy rate, but more like a "tenant not paying full rent" rate), plus associated costs, my CAP was in the red.